UK-based payments company GoCardless has reportedly reached a valuation of $970m, after the close of a $95m Series F round.
Bain Capital Ventures acted as the lead investor, according to a report from TechCrunch.
This equity infusion will help the FinTech to accelerate its open banking strategy, which combines open banking account-to-account payments with a global bank debit payments network. It claims this will give merchants the ability to access instant open banking payments, whilst bank debit will maximise cash flow as it automatically pulls funds from payers.
In addition to this, GoCardless is looking to expand its offering into adjacent e-commerce markets and will launch more tools.
GoCardless has witnessed a 46% year-on-year growth, with the pandemic helping to drive interest in its services, the article said.
The company’s platform takes invoice, subscription, membership and instalment payments, and its global bank debit network will cover more than 70 per cent of the world’s recurring payments volume with the addition of the US this spring.
Previously, the company raised $75m in its Series E round last year. Contributions came from Adams Street Partners, GV, Salesforce Ventures, Accel, Balderton Capital, Notion Capital and Passion Capital.
Earlier this year, Tide formed a partnership with GoCardless to launch an invoice payments via direct debit service. This collaboration is designed to give small business owners more control over when they are paid, helping them to get paid faster, as well as cutting the stress and wasted time out of chasing payments.
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