Notion Capital leads $13m round for GoCardless

The company will use the funding to win new customers in the UK and to expand across Europe.

Notion Capital stated it invested in GoCardless because it believes the banking world is moving towards a subscription model and direct debit providers will benefit from that trend. The London-based VC invests in B2B software-as-a-service and cloud services at the seed and series-A stages.

Previous funding
In January 2014, Balderton led a $7m series-B round for GoCardless, alongside existing backers Accel and Passion. In February 2012, Accel and Passion injected $1.5m into GoCardless. The company is then believed to have received a further $3.3m in series-A funding from the two firms in April 2013.

Company
Founded in 2011, GoCardless is headquartered in London. The company provides a platform designed to simplify the process of accepting recurring online direct debit payments for merchants. GoCardless claims it is used by 16,000 merchants and processes £1bn of payments each year. The platform is now live in six markets, with Spain, the Netherlands and Sweden joining the UK, France and Germany.

People
Notion Capital – Stephen Chandler (managing partner).
GoCardless – Hiroki Takeuchi (co-founder and CEO).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• Venture