GoCardless is a service that is comparable to Stripe and Square, meaning that they make it easier for businesses to accept debit cards online. The service is designed for merchants that cannot handle credit card payments. Merchants can collect money with a fee of only 1%. GoCardless is now claiming that they are the United Kingdom’s largest direct debit provider.
GoCardless has raised $7 million in funding led by Balderton Capital with participation from Accel Partners and Passion Capital. GoCardless spun out of the Y Combinator startup accelerator program. The company was founded by Matt Robinson, Hiroki Takeuchi, and Tom Blomfield. The three of them thought of the idea for the company based on the frustration they had in receiving and sending payments.