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Global payments disruptor GoCardless closes $13m Series C round

London-based fintech company GoCardless has announced the closure of a $13m (£9.1m) Series C funding round.

The round was led by venture capital firm Notion Capital, who specialise in cloud and Software as a Service (SaaS) investments, along with further investment by Balderton Capital, Accel Partners and Passion Capital.

GoCardless, which was founded in 2011, specialises in offering small businesses a simple way to set up bank-to-bank payments, also known as Direct Debits, through its online platform.

Enjoy rapid growth in recent years, GoCardless now claims to be processing £1bn-worth of payments annually, and counts TripAdvisor and the Financial Times amongst its clients.

The fintech firm is now hoping to use the cash from its Series C round to build on its presence in six markets across Europe, including Spain, Germany and the Netherlands, to expand globally and create the first worldwide bank-to-bank payment network.

Commenting on this new chunk of investment, Hiroki Takeuchi said: “We’re particularly pleased to have Notion Capital on board as their team will bring additional expertise and experience to our board having built and exited three highly-successful businesses including MessageLabs.

“This is key for us to succeed in our vision to build a new payment network for the internet. It allows us to improve on our existing product in the UK and Europe, as well as expand our global footprint.”

Stephen Chandler, Managing Partner at Notion Capital, commented in a post on the VC firm’s website: “We have followed GoCardless’ progress over the years, from a very small company maturing into a product and customer focused team executing with real commercial bravado.

“They are one of a small number of break-out FinTech plays in the UK and we are extremely excited to be supporting them in this next chapter of their growth.”