GoCardless

History

GoCardless is an online direct debit provider specialising in B2B payments that aims to rival credit and debit cards, alongside a digital platform allowing for invoicing, and subscription, instalment and membership payments.

The company was founded by colleagues Hiroki Takeuchi and Matt Robinson, who worked together at management consultancy firm McKinsey, and their friend Tom Blomfield. Originally called GroupPay, the platform was intended to facilitate easy payments between friends and small businesses. While researching the options available, direct debit became the preferred method – and recognising a gap in the market, GoCardless was borne from a business pivot.

Within just a few months, GoCardless was accepted into Y Combinator’s summer batch in 2011, and received vast funding from that and other lenders. By 2015, the GoCardless was handling $1 billion per annum through its site, and just five years later, that figure stood at $13billion.

GoCardless now has a customer base of businesses in all shapes and sizes, from tiny SMEs to large household names such as CNN, The Guardian and the BBC. What’s more, the platform is partnered with 150 billing and subscription software partners, allowing customers access to myriad business facilities and support. It is considered an exemplary example of both a small start-up firm and a business pivot.

Key selling points:

• Offers a plethora of financial services to customers
• Workable for businesses of all types and in all industries
• Backed by some of the world’s leading investors
• Valued at $970 million – classified as a ‘soonicorn’.