A startup helping online businesses to accept payments directly from customers' bank accounts has received a $7 million Series B funding.

GoCardless received the funding from Balderton, Accel Partners, and Passion Capital, according to published reports. The London-based company will use the capital to continue growing in the cloud capital marketplace.

Founded in 2011, GoCardless was formed by three businessmen who, when trying to launch an online business, were surprised at how difficult accepting direct debit payments could be for web-based marketplaces. The company offers automated collection of recurring payments, allows customers to arrange direct debit through the Web or email, and even allows businesses to integrate payment management into a CRM system.