GoCardless, a payments platform aiming to simplify online direct debit, has raised $7 million in Series B funding led by Balderton Capital and joined by existing investors Accel Partners and Passion Capital. Launched in February 2012, GoCardless makes it easier for businesses to accept recurring payments via direct debit online. The company, which has focused on serving subscription services and B2B businesses, is now processing over $200 million of transactions per year, having grown by 700% in 2013.
GoCardless will use this latest funding to build out its proposition for enterprise customers and expand its engineering team, as well as scale its technology to serve the demands of even larger businesses. The company most recently raised $3.3 million of Series A funding in 2013 and now has a total of nearly $12 million in VC backing.