GoCardless: Tapping The Fintech Opportunity in Australia With Bank-to-Bank Payments & More News Here

GoCardless is a world fintech agency based in the UK, providing revolutionary digital bank-to-bank fee options. The firm entered Australia in 2018 and has clocked spectacular development inside a brief interval, amongst small companies and enormous enterprises.

In this case examine, Joseph Robins, senior account government for Australia & New Zealand, discusses the corporate’s journey to this point, together with:

• The firm’s working mannequin and world success
• The alternatives for world fintech corporations in Australia
• The function of Australian Trade and Investment Commission (Austrade) as a facilitator

With over 60,000 companies as clients GoCardless at present processes $20 billion in transactions yearly. And regardless of a difficult 2020, the corporate continued its Australia development story with robust development in revenues, service provider companions and buyer wins.

Revolutionising world funds with open banking from Australia

GoCardless is on a mission to assist companies with recurring income handle their receivables by enabling bank-to-bank debit.

The firm helps clients enhance their money movement by automating administrative duties and fee reconciliation throughout billing platforms. Besides reducing failure charges to as little as 0.5 per cent, GoCardless helps clients bypass excessive transaction charges levied on debit and bank card funds.

“Our solutions allow customers to save costs, and merchants to reduce involuntary churn by decreasing payment failures,” says Robins. “Combined with enhanced and seamless cash flow, GoCardless is committed to helping large and small businesses in Australia deal with delayed payments.”

GoCardless at present has greater than 60,000 enterprise clients throughout the UK, US, Europe, Australia and New Zealand. It processes $20billion in transactions yearly. To scale up its operations additional – and to speed up its open banking technique – the corporate raised its largest spherical of funding in late 2020, price $95million.

Finding roots and scaling-up in Australia

GoCardless has strengthened its presence in the Australian market inside a brief interval of three years. “Despite a challenging 2020, we have reported a massive growth in revenue and an exponential growth in headcount,” says Robins.

“Additionally, as Australian companies realise the benefits of bank-to-bank debit, businesses of all shapes and sizes see the value in a cost-effective, seamless, and reliable payments system. As a result, we are also witnessing an uptick in active merchants on our platform and customer sign-ups. This has helped us scale up effectively.”

Helping Australian companies go world

According to a analysis report, delayed funds are a serious monetary ache for Australian small and medium companies (SMBs).

“Addressing this delay with solutions like ours could effectively transfer $7 billion in capital to SMBs thus reducing their financing costs and encouraging them to invest,” says Robins. “Moreover, our bank-to-bank debit solutions and borderless payments enable Australian companies to operate on a global scale and tap opportunities across the world.”

Austrade helps with market entry and launch in Australia

Prior to the formal launch, Austrade helped GoCardless with their two-month-long reconnaissance mission. Robins says that Austrade additionally assisted in securing a short lived co-working area at Stone & Chalk in Sydney for the length.

“When we were ready for our Australia launch in 2018, Austrade was a great resource for advice on several aspects – from where to launch, to informing us about availability of various government grants,” he says.  “Austrade also hosted local events and facilitated introductions.”

Andy Thompson, funding director at Austrade, says: “The success of GoCardless in Australia is a testament to the vast opportunities our country offers to global fintech firms. We will continue working with GoCardless to help them strengthen their presence in Australia, and to enable local SMBs and enterprises by providing access to the latest global fintech innovations and solutions.”

To be taught why Australia is a superb vacation spot for fintech funding, go to austrade.gov.au/fintech.

Austrade is the Australian Government’s worldwide commerce promotion and funding attraction company. It delivers high quality commerce and funding companies to companies to develop Australia’s prosperity. They do that by producing and offering market data and insights, selling Australian functionality and facilitating connections by way of Austrade’s intensive world community.

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