Company:GoCardless

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Short description: Financial technology company based in the United Kingdom.


GoCardless
TypePrivate
IndustryFinancial technology and services
FoundedFebruary 24, 2011; 13 years ago (2011-02-24)
Founders
  • Hiroki Takeuchi
  • Tom Blomfield
  • Matt Robinson
Headquarters
London, United Kingdom
Key people
  • Hiroki Takeuchi (CEO)
ProductsDirect Debit payments, Open Banking, payment processing
Website{{{1}}}

GoCardless is a fintech company that specialises in bank payments including recurring payments, Direct Debit processing and Open Banking. GoCardless is headquartered in London.[1][2]

GoCardless provides a payment gateway that enables businesses to set up and manage payments, subscriptions and invoices with automated payment processing.[3]

As of 2022, GoCardless reportedly processes $30 billion worth of transactions annually and operates in the UK, European Union, Australia, New Zealand, Canada and the United States.[4]

History

GoCardless was founded in 2011 by Hiroki Takeuchi, Matt Robinson, and Tom Blomfield, who were students at Oxford University at the time.[5][6][7] The company's initial focus was on providing a platform for small and medium-sized businesses to collect recurring payments via direct debit.[8] In 2012, the company received £1.5 million in funding from investors, including Y Combinator, Google Ventures, Salesforce and Accel Partners.[9][10][11]

In 2013, GoCardless launched its service in the United Kingdom, and the company expanded into Europe in 2014, launching in France, Germany, and Spain.[12][13] In 2017, the company raised $22.5 million in a Series D funding round, bringing its total funding to $47.2 million.[14] In 2018, GoCardless launched its service in the United States with an office opening in San Francisco.[15][16] In 2020, the company expanded into Australia and New Zealand and raised $95 million, becoming a startup unicorn.[17][18][19][20][21]

In 2022 the company raised $312 million and was valued at $2.1 billion.[22][23]

Partnerships and acquisitions

In 2018, GoCardless partnered with QuickBooks, a maker of cloud-based accounting software, to offer customers direct debit as a payment option. The partnership provided QuickBooks' customers with a way to collect recurring payments from their customers.[24][25]

In 2020, GoCardless announced a partnership with Zuora, a cloud-based subscription management platform. The partnership aimed to simplify the subscription billing process for Zuora's customers by providing them with access to GoCardless' global direct debit network.[26][27]

In July 2022, GoCardless announced that it had signed an agreement to acquire the Open Banking provider Nordigen for an undisclosed sum.[28][29]

Products and services

The company offers an API that enables businesses to integrate GoCardless into their own websites or applications, as well as pre-built integrations with accounting and billing software such as Xero, QuickBooks, and Zuora. The company aims to provide an alternative to traditional payment methods, such as credit and debit cards, which can be costly for businesses to manage.[30][31][32][33]

In addition to its payment processing services, GoCardless provides a variety of tools to help businesses manage their payments, including real-time payment tracking and reporting, payment failure alerts, and customer insights.[34]

In 2020 the company launched a service called GoCardless for Salesforce, which allows businesses to collect payments and manage their customer data within Salesforce's customer relationship management (CRM) platform.[35]

References

  1. ↑ "Big players hand more cash to Gocardless". https://www.thetimes.co.uk/article/big-players-hand-more-cash-to-gocardless-mmgn6wktj. 
  2. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom" (in en). https://www.cnbc.com/2020/12/17/fintech-gocardless-nears-1-billion-valuation-after-new-funding-round.html. 
  3. ↑ O'Hear, Steve (2019-09-17). "GoCardless launches US debit payments solution and opens San Francisco office" (in en-US). https://techcrunch.com/2019/09/17/goamerica/. 
  4. ↑ Woffenden, Claire (2022-06-07). "GoCardless: Tapping The Fintech Opportunity in Australia With Bank-to-Bank Payments" (in en-GB). https://thefintechtimes.com/gocardless-tapping-the-fintech-opportunity-in-australia-with-bank-to-bank-payments/. 
  5. ↑ Browne, Ryan (27 February 2020). "How Monzo brought Silicon Valley's 'wild ideas' to Britain's staid banking system" (in en). https://www.cnbc.com/2020/02/27/how-monzos-tom-blomfield-went-from-silicon-valley-to-starting-a-bank.html. 
  6. ↑ McKeever, Vicky (2 July 2021). "The founder of a $1.7 billion fintech firm reveals his single biggest predictor of success" (in en). https://www.cnbc.com/2021/07/02/monzo-founder-tom-blomfield-on-his-single-biggest-predictor-of-success.html. 
  7. ↑ "Three months after I was paralysed, I was back at work" (in en-GB). BBC News. 2019-07-14. https://www.bbc.com/news/business-48939025. 
  8. ↑ Scott, Mark (2012-10-22). "In London, Nimble Start-Ups Offer Alternatives to Stodgy Banks" (in en). https://dealbook.nytimes.com/2012/10/22/in-london-nimble-start-ups-offer-alternatives-to-stodgy-banks/. 
  9. ↑ "This 32-year-old CEO went from having little awareness of tech to raising $122 million for a pioneering fintech, while also overcoming a life-changing bike crash". https://www.businessinsider.com/how-hiroki-takeuchi-built-pioneering-fintech-firm-gocardless-2019-3?r=US&IR=T. 
  10. ↑ "Fintech founder rebounds from bike accident with $75m investment". Financial Times. 2019-02-18. https://www.ft.com/content/63a30da2-3137-11e9-ba00-0251022932c8. 
  11. ↑ "GoCardless goes big with Salesforce Ventures investment" (in en). https://news.sky.com/story/gocardless-goes-big-with-salesforce-ventures-investment-11637496. 
  12. ↑ Lunden, Ingrid (2014-01-28). "YC Alum GoCardless Raises Another $7M, Aims To Be The Stripe Of Direct Debit Payments" (in en-US). https://techcrunch.com/2014/01/28/yc-alum-gocardless-raises-another-7m-aims-to-be-the-stripe-of-direct-debit-payments/. 
  13. ↑ Mendel, Jack (2022-05-28). "Ex-banker turned GoCardless president Paul Stoddart talks fintech, Brexit, pandemic recovery and Russia" (in en-GB). https://www.cityam.com/exclusive-ex-banker-turned-gocardless-president-talks-fintech-brexit-pandemic-recovery-and-russia/. 
  14. ↑ Boland, Hannah (2020-10-18). "GoCardless weighs up $100m funding round after pandemic boost" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/technology/2020/10/18/gocardless-weighs-100m-funding-round-pandemic-boost/. 
  15. ↑ O'Hear, Steve (2019-09-17). "GoCardless launches US debit payments solution and opens San Francisco office" (in en-US). https://techcrunch.com/2019/09/17/goamerica/. 
  16. ↑ Cook, James (2019-09-18). "Banking technology start-up GoCardless expands to America" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/technology/2019/09/17/banking-technology-start-up-gocardless-expands-america/. 
  17. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom" (in en). https://www.cnbc.com/2020/12/17/fintech-gocardless-nears-1-billion-valuation-after-new-funding-round.html. 
  18. ↑ O'Hear, Steve (2019-09-17). "GoCardless launches US debit payments solution and opens San Francisco office" (in en-US). https://techcrunch.com/2019/09/17/goamerica/. 
  19. ↑ Burroughs, Callum. "New $95 million funding for Stripe competitor GoCardless marks Europe's ongoing fintech boom" (in en-US). https://www.businessinsider.com/gocardless-fintech-raises-95m-bain-capital-ventures-2020-12. 
  20. ↑ "GoCardless raises $95M Series F | Balderton Capital" (in en-GB). 2020-12-17. https://www.balderton.com/news/gocardless-raises-95m-series-f-to-accelerate-investment-in-open-banking/. 
  21. ↑ "GoCardless secures billion-dollar valuation after raising $95m". 2020-12-14. https://www.telegraph.co.uk/technology/2020/12/14/gocardless-secures-billion-dollar-valuation-raising-95m/. 
  22. ↑ "GoCardless Valued at $2.1 Billion After Raising $312 Million". Bloomberg. 8 February 2022. https://www.bloomberg.com/news/articles/2022-02-08/gocardless-valued-at-2-1-billion-as-part-of-312-million-raise. 
  23. ↑ Conchie, Charlie (2022-02-08). "GoCardless closes $312m funding round to become UK's latest fintech 'unicorn'" (in en-GB). https://www.cityam.com/gocardless-closes-312m-funding-round-to-become-uks-latest-fintech-unicorn/. 
  24. ↑ "GoCardless partners with QuickBooks to offer SMBs direct debit payments". https://www.finextra.com/pressarticle/73753/gocardless-partners-with-quickbooks-to-offer-smbs-direct-debit-payments. 
  25. ↑ Boland, Hannah (2020-12-14). "GoCardless secures billion-dollar valuation after raising $95m" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/technology/2020/12/14/gocardless-secures-billion-dollar-valuation-raising-95m/. 
  26. ↑ "Zuora partners with GoCardless to simplify recurring payments". https://www.bankingtech.com/2020/01/zuora-partners-with-gocardless-to-simplify-recurring-payments/. 
  27. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom" (in en). https://www.cnbc.com/2020/12/17/fintech-gocardless-nears-1-billion-valuation-after-new-funding-round.html. 
  28. ↑ "GoCardless acquires open banking provider Nordigen". 19 April 2022. https://www.altfi.com/article/9112_gocardless-acquires-open-banking-provider-nordigen. 
  29. ↑ "Transactions: GoCardless to acquire open banking data provider Nordigen | Bank Automation News" (in en-US). 2022-07-06. https://bankautomationnews.com/allposts/payments/transactions-gocardless-to-acquire-open-banking-data-provider-nordigen/,%20https://bankautomationnews.com/allposts/payments/transactions-gocardless-to-acquire-open-banking-data-provider-nordigen/. 
  30. ↑ "GoCardless raises $75m as it targets 1% of global payments". https://www.ft.com/content/d864c6b8-6b23-11e9-a9a5-351eeaef6d84. 
  31. ↑ "Zuora and GoCardless Expand Partnership to Revolutionize Global Subscription Payments" (in en-US). https://www.zuora.com/press-release/zuora-and-gocardless-expand-partnership-to-revolutionize-global-subscription-payments/. 
  32. ↑ PYMNTS (2022-07-21). "GoCardless to Provide Payment Solutions to Xero Customers in the UK" (in en-US). https://www.pymnts.com/digital-payments/2022/gocardless-to-provide-payment-solutions-to-xero-customers-in-the-uk/. 
  33. ↑ "QuickBooks announces new features after Connect cancelled". 2020-03-06. https://www.enterprisetimes.co.uk/2020/03/06/quickbooks-announces-new-features-after-connect-cancelled/. 
  34. ↑ PYMNTS (2022-07-21). "GoCardless to Provide Payment Solutions to Xero Customers in the UK" (in en-US). https://www.pymnts.com/digital-payments/2022/gocardless-to-provide-payment-solutions-to-xero-customers-in-the-uk/. 
  35. ↑ "GoCardless helps more businesses get paid with Salesforce" (in en). https://www.salesforce.com/uk/customer-success-stories/gocardless/. 

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