Venture capital arms of tech conglomerate Alphabet and cloud company Salesforce are leading a $75 million investment in British online payments start-up GoCardless.
In addition to Google Ventures and Salesforce Ventures, Adams Street Partners also contributed to the Series E funding along with existing backers Accel Partners, Balderton Capital, Notion Capital and Passion Capital.
GoCardless promises to make recurring payments simpler and effective for businesses through its global network. The fintech start-up processes debit payments on behalf of businesses, and sees substantial opportunity in B2B and subscription-based services among other recurring payment markets. Set up in 2011, it currently processes payments for more than 40,000 merchants, and more than $10 billion worth of transactions each year, according to the firm.
CEO and co-founder Hiroki Takeuchi hopes to use the proceeds from the latest round of funding towards expanding operations in the U.S. The company already has offices in Europe and Australia, and envisions to grow its network to cover 70 percent of recurring payment volume globally.
GoCardless is reportedly looking to develop newer product features, including those related to foreign exchange/currency conversion and faster cash settlement processes.