GoCardless raises $95 million for open banking
The UK-based fintech company GoCardless has raised $95 million in a Series F funding round. This funding round was led by Bain Capital Ventures. With this current fundraising, the total amount raised by the company comes to $240 million.
With this, the total funding raised by commercial payments companies stood at $1.794 trillion in 2020.
According to the press release, GoCardless will use this funding towards the acceleration of its open banking strategy combining its technology with its global bank debit network. Businesses would be able to use instant open banking payments which according to the company will provide ‘visibility and speed’ while bank debit maximises cash flow.
The company will also expand its offerings into the e-commerce market where it will launch a ‘simple and secure way of making bank-to-bank payments as a lower-cost alternative to cards’.
The press release noted that the company processes US$18bn+ of payments annually across more than 30 countries.
“We believe that open banking is set to disrupt the payment landscape by introducing new, simpler and more secure ways of making bank-to-bank payments that will compete with the traditional card networks”, said Hiroki Takeuchi, CEO and co-founder of GoCardless.