Form3, a cloud-based payment processor, has raised a $5m (£3.8m) Series A from investors including Barclays and the Angel Co-Fund.
The company will use the cash to expand across Europe and North America and to “significantly” grow its team.
“Our clients quickly see the benefits of our cloud-native platform, often starting with a single payment type to improve their client proposition.
“There is no roll-out of complex projects with big teams and monolithic payment hubs, gateways, integrations etc. Clients simply subscribe to a payment service and we take care of the rest. A low-cost setup and pay as you go commercial model for the first time, makes leading edge payment capability accessible economically for small or very high volumes users.
“We are very excited about the support we have received in this funding round, it is a testament to our growing client base and our ability to meet the market needs for better access to payment systems,” said Michael Mueller, CEO of Form3.
Dan Roberts, managing director at Barclays, explained why he invested in the startup.
“We see Form3 as an enabler for positive change in the payments landscape. Form3 has rapidly deployed services to be a significant challenger to current technology options. We view the emerging Payments-as-a-Service model as complementary to our existing capabilities, offering clients further choice. We look forward to working with Form3 as they build out their model”.
Tim Mills, investment director at Angel CoFund, praised the company’s trajectory, adding: “They create an essential component in the global drive to deliver better payment processing, clearing, and settlement services. This vital connecting infrastructure will make many improvements and innovations in FinTech and everyday commerce possible.”
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