Payments startup GoCardless' net losses increased by around a quarter as the 13-year-old company continues to operate in the red.
According to figures covering the 12 months to June last year — which were shared with Sifted ahead of filing its annual report with the UK’s Companies House — global revenue grew 31% year-on-year to £91.9m and net losses increased to £79.6m from £62.9m in the prior financial year.
Cofounder and CEO Hiroki Takeuchi remains positive about the results and says the company is focused on achieving profitability within the next 12-18 months. In a bid to prioritise that, it cut 15% of its workforce in June last year.
“The results demonstrate that we’re moving from strength to strength, posting over 30% revenue growth and a 37% increase in payment volumes processed, despite the tough macroeconomic environment,” he said in a statement shared with Sifted.
The company attributed its increased net losses to the continued investment in developing its open banking-powered payment feature, Instant Bank Pay, sales and marketing and added compliance costs needed for serving customers globally. The company says that year-on-year revenue from international markets grew by 49.4% to £21m, and now accounts for just over a fifth of total revenue.
Lately, the company has been on a shopping spree to further its mission of becoming “the world’s bank payment network”. Earlier this month, it acquired Australian account-to-account payments business Nuapay. That followed a 2022 takeover of Latvian open banking data company Nordigen. In a November interview, Takeuchi said he was “very open minded” about further takeovers amid a fintech market that appears to be entering an era of consolidation.
