After cutting staff in a 2023 restructure, GoCardless moved toward profitability in 2024.
The firm, which cut 17% of its global workforce in a June 2023 restructuring, is reporting a net loss of £35.1 million for the full year ending June 30, 2024, a 55% improvement on the £78 million loss posted in the prior year.
The earlier workforce cuts reduced annual operating expenses by 13%, helping to move £79.2 million of costs from the bottom line. The business also boosted its revenue by 38% to £126.8 million in full-year 2024.
In September 2024 the firm completed the acquisition of Nuapay, giving clients the ability to send as well as collect money through GoCardless. The deal is expected to unlock new vertical sectors and use cases in areas including payroll, financial services, utilities, insurance, gaming and gambling.
GoCardless, which is backed by Alphabet’s venture arm GV, Accel and BlackRock, was last privately valued by investors at $2.1 billion in February 2022.