GoCardless

Last updated

GoCardless
Company type Private
Industry Financial technology and services
FoundedFebruary 24, 2011;13 years ago (2011-02-24)
Founders
Headquarters
London, United Kingdom
Key people
  • Hiroki Takeuchi (CEO)
ProductsDirect Debit payments, Open Banking, payment processing
Website gocardless.com OOjs UI icon edit-ltr-progressive.svg

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]

Contents

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]

In March 2024, it was announced GoCardless had acquired the payment services company, Sentenial (operating globally under the Nuapay brand), from its Australian parent-company, EML Payments for an undisclosed amount. [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. [32]

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. [34]

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References

  1. ↑ "Big players hand more cash to Gocardless". thetimes.co.uk. Retrieved 28 March 2023.
  2. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom". CNBC. Retrieved 29 March 2023.
  3. ↑ O'Hear, Steve (17 September 2019). "GoCardless launches US debit payments solution and opens San Francisco office". TechCrunch. Retrieved 29 March 2023.
  4. ↑ Woffenden, Claire (7 June 2022). "GoCardless: Tapping The Fintech Opportunity in Australia With Bank-to-Bank Payments". The Fintech Times. Retrieved 29 March 2023.
  5. ↑ Browne, Ryan (27 February 2020). "How Monzo brought Silicon Valley's 'wild ideas' to Britain's staid banking system". CNBC. Retrieved 29 March 2023.
  6. ↑ McKeever, Vicky (2 July 2021). "The founder of a $1.7 billion fintech firm reveals his single biggest predictor of success". CNBC. Retrieved 29 March 2023.
  7. ↑ "Three months after I was paralysed, I was back at work". BBC News. 14 July 2019. Retrieved 29 March 2023.
  8. ↑ Scott, Mark (22 October 2012). "In London, Nimble Start-Ups Offer Alternatives to Stodgy Banks". The New York Times. Retrieved 29 March 2023.
  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". businessinsider.com. Retrieved 28 March 2023.
  10. ↑ "Fintech founder rebounds from bike accident with $75m investment". Financial Times. 18 February 2019. Retrieved 29 March 2023.
  11. ↑ "GoCardless goes big with Salesforce Ventures investment". Sky News. Retrieved 29 March 2023.
  12. ↑ Lunden, Ingrid (28 January 2014). "YC Alum GoCardless Raises Another $7M, Aims To Be The Stripe Of Direct Debit Payments". TechCrunch. Retrieved 29 March 2023.
  13. ↑ Mendel, Jack (28 May 2022). "Ex-banker turned GoCardless president Paul Stoddart talks fintech, Brexit, pandemic recovery and Russia". CityAM. Retrieved 29 March 2023.
  14. ↑ Boland, Hannah (18 October 2020). "GoCardless weighs up $100m funding round after pandemic boost". The Telegraph. ISSN   0307-1235 . Retrieved 29 March 2023.
  15. ↑ O'Hear, Steve (17 September 2019). "GoCardless launches US debit payments solution and opens San Francisco office". TechCrunch. Retrieved 29 March 2023.
  16. ↑ Cook, James (18 September 2019). "Banking technology start-up GoCardless expands to America". The Telegraph. ISSN   0307-1235 . Retrieved 29 March 2023.
  17. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom". CNBC. Retrieved 29 March 2023.
  18. ↑ O'Hear, Steve (17 September 2019). "GoCardless launches US debit payments solution and opens San Francisco office". TechCrunch. Retrieved 29 March 2023.
  19. ↑ Burroughs, Callum. "New $95 million funding for Stripe competitor GoCardless marks Europe's ongoing fintech boom". Business Insider. Retrieved 29 March 2023.
  20. ↑ "GoCardless raises $95M Series F | Balderton Capital". www.balderton.com. 17 December 2020. Retrieved 29 March 2023.
  21. ↑ "GoCardless secures billion-dollar valuation after raising $95m". The Telegraph. 14 December 2020. Retrieved 29 March 2023.
  22. ↑ "GoCardless Valued at $2.1 Billion After Raising $312 Million". Bloomberg. 8 February 2022. Retrieved 28 March 2023.
  23. ↑ Conchie, Charlie (8 February 2022). "GoCardless closes $312m funding round to become UK's latest fintech 'unicorn'". CityAM. Retrieved 29 March 2023.
  24. ↑ "GoCardless partners with QuickBooks to offer SMBs direct debit payments". Finextra. 3 May 2018. Retrieved 18 July 2022.
  25. ↑ Boland, Hannah (14 December 2020). "GoCardless secures billion-dollar valuation after raising $95m". The Telegraph. ISSN   0307-1235 . Retrieved 29 March 2023.
  26. ↑ "Zuora partners with GoCardless to simplify recurring payments". Banking Technology. Retrieved 18 July 2022.
  27. ↑ Browne, Ryan (17 December 2020). "Alphabet-backed fintech GoCardless nears $1 billion valuation amid digital payments boom". CNBC. Retrieved 29 March 2023.
  28. ↑ "Transactions: GoCardless to acquire open banking data provider Nordigen | Bank Automation News". 6 July 2022. Retrieved 29 March 2023.
  29. ↑ "GoCardless to acquire Nuapay open banking business from EML Payments". NS Banking. 18 March 2024. Retrieved 18 March 2024.
  30. ↑ "GoCardless raises $75m as it targets 1% of global payments". Financial Times. Retrieved 28 March 2023.
  31. ↑ "Zuora and GoCardless Expand Partnership to Revolutionize Global Subscription Payments". Zuora. Retrieved 29 March 2023.
  32. 1 2 PYMNTS (21 July 2022). "GoCardless to Provide Payment Solutions to Xero Customers in the UK". www.pymnts.com. Retrieved 29 March 2023.
  33. ↑ "QuickBooks announces new features after Connect cancelled". Enterprise Times. 6 March 2020. Retrieved 28 March 2023.
  34. ↑ "GoCardless helps more businesses get paid with Salesforce". Salesforce. Retrieved 29 March 2023.
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