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GoCardless makes it simple and cheap to take payments from your customers.

GoCardless Raises $1.5 Million In Funding

Sites include . Published on February 24th, 2012. Written by Anthony West.

These days, handling your monthly bill payments is easier and more convenient than it has ever been. A big part of that convenience is what is called ‘interbank transfers’, a simple movement of funds between banks that help settle bile etc. between ‘large’ merchants. I say large because until now, you had to be spending a lot of cash to have one of these interbank transfers setup at your bank. Thanks to platforms like Gocardless.com however, the average Joe with a bank account and some cash can get his own interbank transfers going—on the cheap!

Gocardless is the brainchild of Oxford University graduates Hiroki Takeuchi, Tom Blomfield and Matt Robinson. All three came up with the idea and made it a part of Y Combinator’s Summer of Success 2011 program. Out of that, the three managed to secure $1.5 million in funding from several VCs including Accel Partners, Passion Capital, SV Angel, Start Fund, and of course, Y Combinator.

Since the company is fresh out the blocks, the funding will help establish the platform, build a merchant base and provide seed funding for marketing Gocardless. The money will also help spread the company’s innovative REST API which is meant to allow merchants some ease in integrating the convenient transfer system.

Although interbank transfers are more a European thing, the hope with a service like Gocardless is that more and people outside of Europe will start setting these up to handle their bill payments.

Are you a big fan of these convenient bill payment options? Let us know below.

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