Accel leads $1.5m deal for online payment platform GoCardless

The new capital will be used to drive product development and expansion of the merchant base. Any profits are planned to be reinvested in growing the business.

Company
GoCardless is an online platform offering payment services online via direct debit. The company draws on the concept of circumventing merchant bank accounts and credit card constraints by facilitating recurring payments directly from the consumer's bank account. Payments via GoCardless cost 1% of the total amount transferred with a cap at £2.

The London-based company launched its beta product in 2011 and is now connected to more than 300 merchants online. The company is not profitable yet.

Hiroki Takeuchi, Tom Blomfield and Matt Robinson founded GoCardless in late 2010.

People
Adam Valkin, partner, led the deal on behalf of Accel. 

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• Topics
• Early-stage
• Technology
• UK / Ireland
• Accel Ventures