British Startup GoCardless Grabs $13m in Funding

April 8, 2016         By: Mike Dautner

Yet another British financial technology startup has finished a significant funding round, adding to the already impressive list of up-and-coming fintech companies in London.

GoCardless offers alternatives to card payments and other fintech payments solutions designed to make business payments easier.

Founded in 2011, this London-based firm initially went through a rough patch, but has since become an industry darling.

GoCardless first attempted to create a group payments service, with questionable success.

As its name implies, the firm wants to reduce the number of transactions occurring on cards. GoCardless’ wants to promote direct bank-to-bank payments and cut out middle-men cards altogether.

Not only are bank-to-bank payments easier, quicker and more convenient, they are also far more safe due to the lack of security on cards relative to bank accounts.

GoCardless offers its services mainly to businesses with recurring payments, and aims to reduce the barriers and hassles associated recurring payments, including international payments.

Like many other British startups, GoCardless wants to expand globally. So far the British firm has expanded to Spain, Sweden and the Netherlands, and its planning to grow its business further in the UK, France and Germany. GoCardless touts its business as more secure than card payments, and claims that it has secret methods to protect against fraudulent charges and money laundering operations.