A trio of new venture capital backers for UK-based payments business GoCardless have helped the company to $75m of Series E funding.
Adams Street Partners, GV and Salesforce Ventures were joined by existing backers Accel, Balderton Capital, Notion Capital and Passion Capital in the financing round.
The Series E investment takes the total amount raised by GoCardless to $123m.
The compant is looking to profit from reshaping the business payments sector, where it says more than two-thirds of all payments in the US are still done by cheque.
GoCardless’ platform takes invoice, subscription, membership and instalment payments, and its global bank debit network will cover more than 70 per cent of the world’s recurring payments volume with the addition of the US this spring.
The company currently processes about $10bn in transactions a year and counts 40,000 businesses around the world as its merchants.
Earlier this year venture capital-backed payments startup Stripe scored a spectacular valuation of more than $22.5bn through its latest investment round.
Tiger Global invested $100m in the US payments infrastructure business, which has previously picked up capital from Sequoia Capital as well as PayPal co-founders Elon Musk and Peter Thiel.
The deal made Stripe easily the most valuable privately-held FinTech business in the world, with crytocurrency exchange Coinbase holding second place at about $8bn.
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