GoCardless has raised $13m in a funding round led by Notion Capital.
The round also drew participation from existing investors Balderton Capital, Accel Partners and Passion Capital.
A statement said the company will use the funding to meet increasing demand from new enterprises and to build out its payment network across the globe.
Hiroki Takeuchi, GoCardless’ founder, spoke about the round’s closure:
“This investment from Notion puts us in a great position to build on our traction across Europe to create an increasingly global footprint. We will use this scale to bring further benefits to our UK merchants and to continue to ramp up in continental Europe,” he added.
Currently, GoCardless is operating in six different markets, recently adding Spain, the Netherlands and Sweden to the UK, France and Germany and is planning to expand further in the next 12 months.
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Notion Capital managing partner, Stephen Chandler, commented about his firm’s involvement in the fundraise: “The reason we’ve invested is pretty straightforward: the world is moving toward subscription models and Direct Debit is the most efficient and cost effective way to process them.
“GoCardless brings this into the digital age, making it simple to integrate and removing the last barriers to broader adoption,” he concluded.
The company has now raised a total of $25m from venture capitalists including Notion Capital, Balderton Capital, Accel Partners, Passion Capital and Y Combinator.