Accel leads $22.5m series-D for GoCardless

Previous investors Balderton Capital, Notion Capital and Passion Capital have also taken part in the round.

In addition to the funding round, GoCardless simultaneously announced the recruitment of chief revenue officer Andrew Gilboy – formerly of Demandware – and chief product and technology officer Carlos Gonzales-Cadenas – formerly of Skyscanner.

The fresh capital will be used to accelerate the creation of a global bank-to-bank payments network, according to the press release.

Previous funding
In February 2012, Accel led a $1.5m seed funding round alongside Passion and Y Combinator. In April 2013, both VC firms invested a further $3.3m in the company's series-A.

In January 2014, Balderton joined the previous investors for a $7m series-B. All four VC firms then invested in a Notion-led $13m series-C for the company in March 2016.

Company
GoCardless was founded in 2011 and is headquartered in London. The company provides a platform designed to simplify the process of accepting recurring online direct debit payments for merchants.

According to a statement, it has processed transactions worth more than $4bn for 30,000 organisations in Europe. The company generated revenues of £2.9m in 2016 and made a loss of £3.5m, according to publicly available documents. It employs 125 people.

People
Accel – Martin Gibson (venture partner).
Gocardless – Hiroki Takeuchi (CEO).

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