- General
- November 4, 2020
- 5 minutes read
GoCardless Nears New Funding
Hiroki Takeuchi, Co-founder & CEO of GoCardless.Photo credit: TechCrunch, licensed under CC BY 2.0 GoCardless, a British fintech startup, is on the…
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| Hiroki Takeuchi, Co-founder & CEO of GoCardless. Photo credit: TechCrunch, licensed under CC BY 2.0 |
GoCardless, a British fintech startup, is on the cusp of a deal to raise around $100 million in new funding that’ll place its post-money valuation at up to $950 million, according to a report [paywalled] from Business Insider. According to the report, Bain Capital Ventures, the venture arm of private equity giant Bain Capital, is leading the new round. Even before now, GoCardless has been reportedly looking to raise new funding after a business surge amid the coronavirus pandemic.
As of now, GoCardless is known to have raised a total of $122 million in outside funding, its most recent funding round being a $75 million Series E that came in February last year. GoCardless is a payments service that makes it easier for businesses to collect recurring payments. The company says it processes $15 billion across more than 30 countries annually.
With a coronavirus pandemic, businesses and consumers have largely moved faster and more to digital transactions and, as a result, led to a business boom for payment processors like GoCardless.
GoCardless, which is based in the UK, is one of the best-known fintech companies in Europe. The company was founded in 2011 by a team that includes Hiroki Takeuchi, its current Chief Executive, and Tom Blomfield, who left to launch another well-known fintech company, Monzo. Just like GoCardless, Monzo is well-funded, in fact even much more, with £385 million ($501 million) raised in total. Monzo’s most recent funding round placed its valuation at £1.25 billion ($1.6 billion), making it one of the most valuable startups from Europe.
This year has seen fintech startups from Europe raise record amounts, with notable deals including Klarna’s $650 million raise, N26’s recent $100 million raise, and TransferWise’s $319 million secondary round. It now seems that GoCardless is looking to add its name to the list of European fintech companies that have raised big amounts in 2020.
