In order to open their service for larger companies, GoCardless has launched GoCardless Pro for enterprise payment solutions. The Guardian and Funding Circle have been announced as early users to the new service designed to automate recurring payments via direct debit withdrawals and deposits at a large scale. Though not as developed in the U.S., the practice of direct bank account transactions is common in Europe, especially in London, the home to many financial tech companies.
Founded in 2011, GoCardless is a Y Combinator graduate and UK-based service that allows smaller merchants to easily set up bank transfers for customers. The service offers an API to enable programmatic integration of payments for subscriptions or recurring services. Having recently received $7 billion in Series B funding, GoCardless aims to tap into the SME market, putting themselves in direct competition with Bottomline Technologies, Paypal, and Dwolla.