GoCardless, a FinTech firm focussed on making recurring payments easier, has raised $95m (£71.8m) in a Series F funding round.

Led by Bain Capital Ventures, the raise follows 46% year-on-year growth and brings the total raised to-date to $240m (£181.4m).

The firm will use the funding to accelerate its open banking strategy, combining the tech with its global bank debit network, a move first hinted at by Janice Tong, Product Marketing Lead at GoCardless during BusinessCloud’s The Future of Money webinar.

Open Banking tech is designed to ‘open up’ banking data, allowing processes and decisions to be made faster.

GoCardless said the tech could help to provide an end-to-end recurring payment solution for its merchants, with an instant first-time payments before beginning a recurring collection via bank debit.

The London firm, which also has offices in Australia, France, Germany, and the US, processes more than $18bn of payments annually across more than 30 countries.

It said the funding will also expand its offering into the adjacent eCommerce market to launch a new way of making bank-to-bank payments as a lower-cost alternative to cards.

Hiroki Takeuchi, CEO and co-founder of GoCardless, said: “We believe that open banking is set to disrupt the payment landscape by introducing new, simpler and more secure ways of making bank-to-bank payments that will compete with the traditional card networks.

“Our investment in open banking innovation will create a uniquely valuable payment offering – continuing to provide our customers with the best way to collect recurring payments.”

Matt Harris, partner at Bain Capital Ventures, added: “We’re excited by GoCardless’ enormous growth potential in a massive and largely untapped market. In particular, we’re seeing strong early results as GoCardless moves beyond SMBs to serve mid-market and enterprise customers and expands its international footprint to address a growing need for bank debit processing.