GoCardless,a fintech company announces it has raised $95m in a Series F funding round.
This latest fundraise, led by Bain Capital Ventures, follows 46% year-on-year growth for GoCardless in spite of the difficult economic environment and supports its impressive growth plans. It brings the total raised to-date to $240m.
GoCardless will utilize the funding to fast-track its open banking strategy, combining the latest technology with its global bank debit network. For the first time, merchants will be able to access the best of both worlds for recurring payments: Instant open banking payments will provide visibility and speed, while bank debit maximises cash flow and minimises churn by pulling funds automatically from payers – all at a lower cost than cards.
GoCardless will also expand its offering into the adjacent e-commerce market to launch a simple and secure way of making bank-to-bank payments as a lower-cost alternative to cards.
