Business payments fintech GoCardless has raised A$126 million in a Series F. Led by Bain Capital Ventures, the raise will be used to accelerate GoCardless’s open banking strategy, including card payment alternatives.

GoCardless is a UK headquartered global payments network and technology platform company that provides recurring payments services, processing $24 billion of payments annually across more than 30 countries.

Its new open banking offering will allow instant recurring payments to merchants using open banking (first-time payments via bank debit can take on several days to process). The company says it also plans to launch a cardless ecommerce payment option.

“We believe that open banking is set to disrupt the payment landscape by introducing new, simpler and more secure ways of making bank-to-bank payments that will compete with the traditional card networks,” said Hiroki Takeuchi, CEO and co-founder of GoCardless.

“Our investment in open banking innovation will create a uniquely valuable payment offering – continuing to provide our customers with the best way to collect recurring payments.”

Matt Harris, partner at Bain Capital Ventures, said GoCardless has the potential for massive growth in an “untapped” open banking market.

“In particular, 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. We have enormous confidence in Hiroki and the entire GoCardless team to build a multi-billion dollar company that will redefine the payments industry.”

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