GoCardless cashes in with $22.5m funding, hires Skyscanner and Demandware execs

Having raised $47m to date, the UK bank-to-bank payment network will use this latest investment to fuel further international expansion

UK financial technology (fintech) business GoCardless has added $22.5m to its funding pot in a new round backed by Accel, Balderton Capital, Notion and Passion Capital.

The London-based company, which featured in the 2012 Startups 100 and works with customers such as Sage and Thomas Cook, has now taken total investment to $47m as it seeks to build out its bank-to-bank payment network.

Launched in 2011, GoCardless enables businesses to take and settle recurring payments from anywhere, to anywhere, in any currency. Its users are already collecting payments across the UK, Eurozone and Sweden, with Australia and Denmark coming soon – and more to follow.

So far, the fintech firm – ranked 11th in The Sunday Times' Tech Track 100 – has processed over $4bn worth of transactions for 30,000 companies from small start-ups to large enterprises. It claims to be “transforming the recurring payments industry”.

To coincide with the funding announcement, GoCardless has also recruited new senior executives to its board.

Carlos Gonzales-Cadenas from Skyscanner has joined as its chief product and technology officer while Andrew Gilboy from Demandware has joined as the company's new chief revenue officer.

Hiroki Takeuchi, CEO and founder of GoCardless, commented:

“As more and more businesses become international, they face endless frustrations in managing payments across multiple territories. What we have engineered is a way to simply plug recurring payments into their existing systems, across the world, so they can focus on the challenges that really matter.”

Martin Gibson from Accel, which led the funding round and has previously made investments in Deliveroo, Dropbox, and Facebook, added:

“We look for businesses solving real problems and using tech to make cumbersome processes scalable. GoCardless has already demonstrated tremendous growth in this area, and recent hires at the senior level show it is building the business to own this sector.”