Portfolio

GoCardless secures $75 million Series E investment to open up access to the first global bank debit network

FEB 18, 2019

Today we’re pleased to announce GoCardless’s latest funding round, led by Google Ventures and Adams Street Partners, and supported by existing investors Accel, Passion Capital and ourselves.

The fact that so many of the company’s early investors are returning to participate in its Series E is a huge endorsement for Hiroki and the team at GoCardless, and a reminder of the huge potential the company has going forward.

Since the beginning, the company has focused relentlessly on solving a fundamental problem for small businesses, that of collecting recurring payments.

While GoCardless started in the UK, this challenge is global, with $56 trillion in transactions a year still done on paper. Now with offices in the UK, France, Germany and Australia, this new funding round will support the global rollout of GoCardless’s solution.

Bernard Liautaud and Hiroki Takeuchi, co-founder and chief executive of GoCardless, at the 2018 Balderton CEO Collective, The Luberon, France.

By spring 2019, the GoCardless network is expected to cover 70% of the world’s recurring payments volume.

Funding announcements are a lagging indicator of the success of a company, and while we know the team at GoCardless are relentlessly focussed on the future of the business, it’s important to recognise the progress of a company which grew from three young founders sat around a kitchen table in Kennington to supporting 40,000 small businesses and processing $10 billion of transactions a year.

At Balderton, we’ve supported GoCardless since its earliest days, in my case quite literally as a colleague of Hiroki and Matt’s in their previous job.

Hiroki is an inspirational CEO. By being relentlessly focussed on building a world-leading product, by hiring the most talented team in the sector, and by creating a culture which has gone on to spur a whole new generation of entrepreneurs, such as the founders of Monzo, Nested, Dependabot and many others, GoCardless has become one of the most important fintech companies in Europe.

We’re excited about the rest of the journey and the on-going benefits GoCardless will bring to hundreds of thousands of small businesses across the world.

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