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Fintech start-up GoCardless raises $7m of funding

London-based fintech start-up GoCardless has raised $7 million for its online payment platform in a Series B funding round led by venture capital firm Balderton Capital.

The payment technology produced by the firm aims to make it easier for businesses to accept recurring payments via online direct debit.

It revealed it will use the latest funding it has raised to build out its proposition for enterprise customers and expand its internal engineering team.

Hiroki Takeuchi, chief executive of GoCardless, said that the money will enable the company to recruit the best talent and scale the technology up to meet the growing demands of larger businesses.

He added: "We believe that payments should be one less barrier to business. Direct debit is perfect for accepting recurring payments, but it’s been out of reach for most companies up until now."

Currently, GoCardless is processing over $200 million of transactions per year and witnessed 700 per cent growth in 2013.

By Asim Shah