Fintech/News/ GoCardless closes $95m round amid holiday deal rush The funding brings the company to near unicorn status By Freya Pratty 17 December 2020 \Fintech 'The time is now': Monzo searches for US CEO to double down on expansion By Amy O'Brien 9 February 2023 Fintech/News/ GoCardless closes $95m round amid holiday deal rush The funding brings the company to near unicorn status By Freya Pratty 17 December 2020 British payments company GoCardless has secured $95m in new funding, bringing the company to near unicorn status with a $970m valuation. GoCardless’ latest round now stands as one of the biggest of 2020, with the latest funding set to be used to expand the platform, which allows customers to set up direct debits to businesses using their bank account details rather than through credit cards or bank transfers. The Series F funding round, led by BainCapital, brings the total raised by the company to $240m and comes amidst a flurry of fintech funding rounds throughout December. This month has seen a number of fintech companies secure funding, including Cleo’s $44m funding round, a $30m funding round for Zilch and the £60m raised by Monzo earlier in the month. More broadly, fintech has maintained its crown as the most funded of any industry in Europe this year, with $9.4bn invested in total so far, according to Dealroom. GoCardless had a difficult start to the year, laying off staff and announcing cuts to salaries across its 400-person team in the wake of Covid. But overall, it says it benefited from a surge in online payments during the pandemic, seeing 46% year-on-year growth and 100% increase in new bookings across 2020. The company had initially focused on small businesses but has expanded to larger corporations, including Docusign. It has also doubled down on the growing subscription economy, with companies like Brompton Bike Hire using the platform to receive payments from its subscribed customers. “We’re seeing strong early results as GoCardless moves beyond SMBs to serve mid-market and enterprise customers and expands its international footprint to address a growing need for bank debit processing,” says Matt Harris, partner at Bain Capital Ventures, which led GoCardless’ $95m funding round. Freya Pratty covers news at Sifted. She tweets from @FPratty Related Articles Brunch with Hiroki Takeuchi, founder of GoCardless By Amy Lewin Click here to read more 18 fintechs that investors think will thrive post-lockdown By Isabel Woodford Click here to read more An audience with fintech’s posterchild: Stripe By Isabel Woodford Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?