GoCardless, a UK-based payment technology provider backed by enterprise software producer Salesforce and internet technology group Alphabet, closed a $95m series F round yesterday that valued it at $970m, sources told TechCrunch.
The round was led by Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, and it lifted the company’s overall funding to approximately $218m.
Founded in 2011, GoCardless has built a digital debt network that enables businesses to accept payments in regular instalments. The funding will support its introduction of open banking technology to the system.
Hiroki Takeuchi co-founder and chief executive of GoCardless, said in a blog post: “This funding will accelerate our open banking strategy, combining bank debit with open banking for the ultimate recurring payments experience.
“Our existing customers will see large and small changes to the product over time. One of the more dramatic changes will be to speed up cash flow for the first payment in a recurring relationship – cutting anywhere from one to five or more days off the wait to get paid for the first time.”
Alphabet subsidiary GV co-led the company’s $75m series E round with Adams Street Partners in February 2019, investing alongside Salesforce unit Salesforce Ventures, Accel, Balderton Capital, Notion Capital and Passion Capital.
Balderton Capital, Notion Capital, Accel and Passion Capital all took part in the series E round as existing investors in GoCardless. Its earlier backers include Tom Hulme, Ace & Company, SV Angel and Y Combinator together with its Start Fund affiliate.
