GoCardless, a London, UK-based payments platform, raised $7M in Series B funding.
The round was led by Balderton Capital, with participation from existing investors Accel Partners and Passion Capital. It is also backed by Y-Combinator. In conjunction with the funding, Tim Bunting, General Partner at Balderton Capital, will join GoCardless Board.
The company intends to use the funds to build out its offering for enterprise customers and expand its engineering team (read here).
Launched in February 2012 and led by Hiroki Takeuchi, CEO, GoCardless allows merchants to accept recurring payments via Direct Debit online. The company, which has focused on serving subscription services and B2B businesses, is now processing over $200m of transactions per year, having grown by 700% in 2013.