Form3, a cloud technology provider of Payments-as-a-Service processing for banks and regulated FinTech companies, has received investment from Draper Esprit.
Existing shareholders Barclays Bank plc, Angel CoFund and several individuals also contributed.
Form3 claims to have solved one of the most challenging issues faced by the financial industry: sending and receiving payments in real-time.
Transactions which took hours or days to complete, can now be processed in seconds, says the startup.
Set up in 2016, Form3 is led by CEO Michael Mueller and will use the cash to develop additional functionality and to expand internationally.
Mueller, also the CEO, said: “We are really pleased with the support we have received in this funding round which reflects both the long-term potential of the business and our track record of successfully delivering high quality services for our customers. Our mission remains clearly focused on lowering the barriers for better access to payment systems and, in doing so, powering the future of payments.”
The startup’s existing customers include Ebury, N26, Tandem Bank, LHV Bank and myPOS.
Vinoth Jayakumar, investment director at Draper Esprit, added: “Form3 is a cloud-native product which enables cutting-edge FinTechs and established players to offer their customers real-time payments. Their scalable product enables the infrastructure for the future of banking. They’re exactly what we look for in a portfolio company and we’re delighted to be working with Michael and his team.”