Recurring payments fintech GoCardless supporting more than 55,000 businesses worldwide, has raised USD 95 million in a Series F funding round, according to the official press release.
This latest fundraise, led by Bain Capital Ventures, follows 46% year-on-year growth for GoCardless despite the challenging economic environment and supports its growth plans. It brings the total raised to-date to USD 240 million. GoCardless will use the funding to accelerate its open banking strategy, combining the latest technology with its global bank debit network.
Merchants will be able to access instant open banking payments which will provide visibility and speed, while bank debit will maximise cash flow and minimise churn by pulling funds automatically from payers - all at a lower cost than cards. GoCardless will also expand its offering into the adjacent ecommerce market to launch a secure way of making bank-to-bank payments as a lower-cost alternative to cards.
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