London-based Form3 designs, builds and runs the technology that powers the future of payments. Today, the company just announced that it picked up $160 million (nearly £116 million) in a Series C funding round.
Plans to foray into US
The investment round was led by new investor Goldman Sachs along with participation from Draper Esprit, a leading VC firm and existing investors, including Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North. With this investment, the total funds raised by the platform payment technology provider accounts for $220 million.
Form3 will use the funds to move into new markets including the US, where it is in advanced conversations with a number of banks. Its ambitious strategic roadmap across geographies and within its platform functionality will further cement Form3 in its position as a leading global player in platform payment technology.
Michael Mueller, Chief Executive Officer at Form3, commented: “More and more financial institutions (FI’s) are now happy to place mission critical processes onto a shared platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”
Vinoth Jayakumar, Partner at Draper Esprit, added: “Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. Its growth over the last four years has been incredible and it continues to provide new and disruptive solutions in an industry desperately in need of modernisation. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs to the journey.”
Caters to digital era
Founded in 2016, Form3’s platform is cloud-native payment platform. It has been designed for the modern, digital era and favours open source collaborative development. Every single piece of the platform is managed using infrastructure as code. Form3 has seen unprecedented growth since its debut and works with the mission to fundamentally change how technology in the key industry of banking operates.
Form3 transforms outdated, complex and costly payments infrastructure to a modern, cloud-native, real-time Payments-as-a-Service. It provides banks and regulated fintechs across the globe an end-to-end managed payments service that delivers complete payment processing, clearing and settlement to the universe of payment schemes through a single API.