Gocardless Raises 230 Million

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Gocardless Raises 230 Million

GoCardless Raises 230 Million

GoCardless payments company has raised 230 pounds in the Series G round and achieved unicorn status in the United Kingdom. Permira led the round and a new investor BlackRock Private Equity Partners too provided capital.

The fintech firm said additional capital will be used in the expansion of business geographically and simultaneously through the enhancement of products and services. It manages debit collections of Plum, DocuSign and more merchants via an API.

An indication of GoCardless is all set to gain unicorn status was revealed in a published story in Business Insider magazine. The company is now valued at over $1 billion with the newly added capital of $312 million.

The London-headquartered company confirmed the collection of $312 million and added the round would be closed completely later this year. With this, the total funding raised is now nearly $530 million.

GoCardless co-founder and CEO Hiroki Takeuchi said it is a generation shirt with the increase in the open banking segment and the payments system is changing across the world.

He further added that it is delightful to have BlackRock and Permira partners on board as they have strong tech expertise as well as a global footprint. They will be a good support to the company in building a payment network to enable free flow of payments without additional costs, expiration dates and cards.

GoCardless currently processes over $25 billion transactions annually for more than 70,000 businesses. It raised $95 million late last year. In 2016 and 2017 the company raised $13 million and $22.5 million respectively.

The company is further delighted to have Klarna's former chief commercial officer Michael Rouse on board as one of the directors and it is learned Klarna's chief technology officer Koen Koppen may join as an independent director.

Klarna is a renowned fintech company in Sweden and the appointments of its officers at GoCardless is a sign of their growing partnership.

Permira principal Alberto Riva said GoCardless is positioned uniquely and believed to become a champion in the payments of account-to-account in the world through its leveraging open banking system.

GoCardless is easy to use and equipped with a powerful API. It is an innovative start-up company focused on becoming a multi-national corporation. It is the first recurring payments network in the world. It allows taking credit card payments and accepting instant payments. It is partnering with several companies in the segment to improve the platform, which uses strong encryption and is the biggest name in the world of payments. It follows the policy of instant refund if a transaction goes wrong. It mainly focuses on the privacy and protection of clients.

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