GoCardless secured $7 million for its Series B financing round. European venture capital firm Balderton Capital led the round which was also participated in by the payment platform's existing investors Accel Partners and Passion Capital, the company said in a statement.

GoCardless is a payment platform that simplifies the acceptance of online Direct Debits. Launched in London in 2012, the company gathers payments amounting to hundreds of millions of pounds annually. The company said it serves more businesses compared to other Direct Debit providers in the UK. GoCardless processes more than $200 million worth of transactions each year. It grew by 700% last year, the statement said.

GoCardless Chief Executive Officer Hiroki Takeuchi said, "We believe that payments should be one less barrier to business. Direct Debit is perfect for accepting recurring payments, but it's been out of reach for most companies up until now. We enable thousands of businesses to access the system for the first time, improving their cash-flow and letting them focus on delivering value to their customers."

According to Takeuchi, GoCardless will use the proceeds of the round to add more people to its engineering team and create its proposition for its enterprise clients. Companies that use the service of GoCardless range from small charities to national enterprises.

Balderton Capital General Partner Tim Bunting said in the statement, "GoCardless is an exceptional team with the potential to radically improve the way payments are done for businesses. For us, the most distinguishing feature was the feedback from their existing customers, who stressed that the technology they have developed, and the technical team they have built, is world class. We believe this technological advantage, the scalability of the GoCardless model and size of the market it operates in will allow GoCardless to play an important role in the future of online payments."