After reducing its workforce in a 2023 restructuring, GoCardless is on track for profitability in 2024.
The company cut 17% of its global staff in June 2023 and is reporting a net loss of £35.1 million for the year ending June 30, 2024, reflecting a 55% improvement compared to the £78 million loss from the previous year. The workforce reductions resulted in a 13% decrease in annual operating expenses, allowing the company to shift £79.2 million in costs. Additionally, GoCardless increased its revenue by 38% to reach £126.8 million for the full year 2024.
In September 2024, the firm completed its acquisition of Nuapay, enabling clients to both send and collect funds through GoCardless. This acquisition is anticipated to open up new verticals and use cases across payroll, financial services, utilities, insurance, gaming, and gambling.
GoCardless, backed by Alphabet’s venture arm GV, Accel, and BlackRock, was valued at $2.1 billion by investors in February 2022.