UK-based payments technology developer GoCardless secured $75m yesterday in a series E round featuring subsidiaries of internet technology conglomerate Alphabet and enterprise software producer Salesforce.
GV and Salesforce Ventures joined private equity firm Adams Street Partners and venture capital firms Accel, Balderton Capital, Notion Capital and Passion Capital in the round, which CNBC reported was co-led by GV and Adams Street.
GoCardless has built an online payments platform that integrates with their business customers’ applications, enabling them to automatically process recurring bank payments such as invoices, subscriptions and membership fees.
The company processes $10bn in transactions a year and has 40,000 businesses customers. It has partnerships in place with billing and subscription software providers such as Xero, Sage, QuickBooks, Zuora and Salesforce.
The series E capital will be used to increase headcount, as GoCardless looks to expand its network to cover 35 countries and nine bank debit schemes by the end of 2019.
The company has now raised $123m to date, it said. It pulled in $22.5m in a September 2017 series D round backed by Accel, Balderton Capital, Notion Capital and Passion Capital.
Earlier investors in GoCardless also include private equity firm Ace & Company, seed-stage VC fund SV Angel, accelerator operator Y Combinator and its Start Fund affiliate, and angel investor Tom Hulme.