Alphabet, Salesforce back $75M funding for GoCardless

Monday, 18. February 2019 08:59

Alphabet Inc. and American cloud-based software company Salesforce.com Inc. participated in a funding round that secured $75 million for British online payments start-up GoCardless, various media reported on Monday.

Alphabet's venture arm GV and private equity firm Adams Street Partners were the joint leaders of the funding round, in which existing investors Accel, Balderton Capital, Notion Capital and Passion Capital also participated. The British company will use the capital to expand in the United States and aims to cover about "70% of recurring payment volume globally" by the spring, according to its CEO Hiroki Takeuchi.

GoCardless was set up in 2011 by Takeuchi, Tom Blomfield and Matt Robinson. Its clients include newspapers such as the Guardian and the Financial Times in addition to tech firms such as Sage and Box. The company says it currently handles payments for over 40,000 merchants which are worth more than $10 billion in annual transactions.

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Breaking the News / DZ