London FinTech firm GoCardless has raised another $22.5 million (£16.3m) from its existing backers.

It takes the total funding to date for the company, founded five years ago, to $35.5m.

GoCardless came out of Y Combinator, which helped Dropbox and Airbnb become stars of the tech world, and also gained seed funding from the prestigious California tech accelerator.

Its technology, used by Sage, Zuora, Xero and QuickBooks, makes it easier for firms to integrate payments online between countries and currencies.

After processing more than $4bn of payments for more than 30,000 firms across the UK and Europe, GoCardless has been further backed by Accel, Balderton Capital, Notion and Passion.

It will use the cash to expand into new markets, initially Australia and Denmark.

GoCardless logo

Hiroki Takeuchi, CEO and founder, said: “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.”

Martin Gibson from Accel, who led the round, said: “We look for businesses solving real problems and using tech to make cumbersome processes scalable.

“GoCardless has already demonstrated tremendous growth in this area, and recent hires at the senior level show it is building the business to own this sector.

“To see GoCardless with such a head start on this mission, yet still pushing to accelerate faster, is exactly what we look for in our founders.”