Wednesday 18 September 2019 12:01 am

UK fintech Gocardless to launch in the US

London-based fintech firm Gocardless will launch in the US today, hoping to shake up recurring payments systems in the world’s largest market.

Gocardless has announced a new solution on its platform to support debit payments on the Automated Clearing House (ACH) network, designed to make it simpler for merchants to automatically take payments from customers.

Read more: Meet the 23 fintech startups on Tech Nation’s latest growth programme

The recurring payment specialist said using the ACH system on its network would allow firms to automatically take payments directly from bank accounts “at a lower cost than credit cards and without the overhead and burden of cash and cheques”.

Gocardless is hoping to attract subscription services in the US to help collect both domestic and international payments. With the new expansion into the US, its platform now works across 30 countries, and covers 70 per cent of the world’s recurring payments by volume, it said.

“Our aim is – and always has been – to help our customers focus on growing their business without worrying about how they’re going to get paid,” said Gocardless chief executive Hiroki Takeuchi.

“We’re excited for our customers to harness our unique global debit network, helping them to drive down costs, reduce failure rates and decrease involuntary churn every time they get paid,” Takeuchi said.

Read more: British fintech booms as 2019 set to be a record year for UK investment

Gocardless also announced the opening of a US headquarters in San Francisco. The company currently has offices in London, Paris, Munich and Melbourne.

The B2B payments provider raised $75m (£60m) in a funding round earlier this year, receiving the backing of the venture capital arms of Google and Salesfroce.

Main image credit: Gocardless