GoCardless, a London-based direct debit provider, has further raised $22.5m from existing investors Accel, Balderton Capital, Notion Capital and Passion Capital.

The firm intends to use the funds to expand its global presence by creating a global bank-to-bank payments network.

GoCardless CEO and co-founder Hiroki Takeuchi said: “I’m very excited about our next steps and proud of the hard work we’ve already done to get this far. Our ongoing success is thanks to our incredibly loyal and supportive users, both in the UK and further afield.

“As more and more businesses become international, they face endless frustrations in managing payments across multiple territories. What we have engineered is a way to simply plug recurring payments into their existing systems, across the world, so they can focus on the challenges that really matter.”

The startup, which was launched in 2011, currently handles $4bn in annual transactions across 30,000 businesses.

It currently offers services in UK, Spain, the Netherlands, Sweden, France and Germany and plans to expand to Australia and Denmark soon.