London startup GoCardless is in talks to raise a huge new round of funding

London fintech startup GoCardless is currently in talks to raise a big round of funding, Business Insider has learned.

GoCardless lets businesses easily process direct debit payments online. Companies can use GoCardless' technology to aggregate payments, which makes accepting direct debits much more affordable.

Sources with knowledge of GoCardless' funding situation told Business Insider that the company is in talks with various VC funds. The amount that the company intends to raise is believed to be in the tens of millions.

The last time GoCardless raised money was back in January 2014, when it brought in $7 million (£4.5 million) from Balderton Capital, Accel, and Passion Capital. The company declined to comment on this story.

GoCardless also passed through Y Combinator, the Silicon Valley startup incubator, in 2011. Since then it has attracted over 11,000 business customers including TripAdvisor, The Guardian, The Financial Times, and Box. We reported in June that the company has now processed over £500 million worth of direct debits.