#PayTech #OpenBanking / UK fintech GoCardless raises $95m funding

GoCardless will use the funding to accelerate its open banking strategy, combining the latest technology with its global bank debit network… It will also expand its offering into the adjacent e-commerce market to launch “a simple and secure way of making bank-to-bank payments as a lower-cost alternative to cards”.

… GoCardless expanded its technology offering with Success+, “a payments intelligence tool powered by machine learning”, to help businesses optimise their retry strategy when payments fail.

The firm notes that its instant first payments will offer a lower-cost alternative to cards, before the recurring collection continues via bank debit.

It also wishes to expand into the e-commerce market and develop a unique bank-to-bank payment method for e-commerce payments made to merchants that customers use on a regular basis.

The firm also wants to provide businesses with a complete open banking payment processing service, including features such as refunds, payment reconciliation and error handling.