Crowdz to integrate open banking-powered payments with GoCardless partnership
GoCardless is to provide open banking-powered payments solutions for small and medium-sized enterprise (SME) finance platform Crowdz as the latter looks to broaden access to finance for small businesses.
Crowdz partners GoCardless
The partnership will see Crowdz implement three GoCardless payment features to improve its payment and risk modelling capabilities.
In the UK, USA and Europe, the firm will use GoCardless’ Instant Bank Pay and Verified Mandates offerings to collect instant, one-off payments from bank accounts and provide enhanced fraud protection, respectively.
In Australia, Crowdz will utilise GoCardless’ PayTo integration for instant payments and account verification.
Crowdz CEO and co-founder Payson Johnston says: “With our global expansion plans and our target of providing 25,000 SMEs with over $1 billion in working capital by the end of 2023, we needed a partner that could offer the right coverage, technology and expertise.”
Crowdz has provided more than $80 million in working capital to SMEs via its proprietary risk assessment model. The firm secured $10 million in funding in April, led by Citi and Global Cleantech Capital.
GoCardless raised a $312 million Series G funding round in February, which valued the company at $2.1 billion.
