Form3, a London-based cloud-native account-to-account platform, has successfully raised $60 million in a Series C extension round. This latest investment, which includes participation from British Patient Capital and existing shareholders like Visa, will support the company’s expansion efforts in the UK, Europe, and the US. Form3 plans to use the funds to develop new products and services aimed at enhancing its payment solutions and infrastructure.
In August 2020, Form3 initiated its Series C funding round. The recent $60 million investment brings the total raised to $220 million. The company’s valuation now stands at $570 million post-funding. This consistent interest from investors highlights Form3’s growing importance in the fintech sector, especially in providing cutting-edge payment solutions. Previous funding rounds have also seen significant investments, underlining the confidence stakeholders have in Form3’s innovative capabilities.
Form3’s Advanced Payment Technology
Since its inception in 2016, Form3 has aimed to transform traditional payment infrastructures with its cloud-native, always-on Payments-as-a-Service platform. The company offers a fully managed payment technology platform that caters to financial institutions as a service. Trusted by major banks and financial entities in the UK, Europe, and the US, Form3’s platform handles critical payment architectures efficiently.
The platform is used by regulated financial institutions, including prominent names such as Mastercard (NYSE:MA), Lloyds Banking Group, Ebury, LHV, PPS, N26, Square, and Aion Bank. Form3’s CFO, Benyam Hagos, emphasized that the new investment will enable the company to continue providing essential infrastructure technology for major banks and financial institutions globally.
Support from British Patient Capital
British Patient Capital, a subsidiary of British Business Bank plc, aims to invest in innovative UK-based firms with high growth potential. Launched in 2018, the organization manages over £3 billion in assets and focuses on supporting ambitious entrepreneurs. Their investment in Form3 aligns with their mission to facilitate long-term investments in pioneering businesses.
Tom Haywood, Managing Director at British Patient Capital, expressed enthusiasm for supporting Form3. He acknowledged the company’s leading solution for transitioning banks to modern, future-proof payment infrastructures, emphasizing the significance of this partnership in Form3’s growth journey.
Form3’s continuous funding success demonstrates the fintech industry’s confidence in its innovative payment solutions. This funding will further aid in the development of new technologies and the expansion of its market reach. Investors’ sustained interest in Form3 reflects their trust in the company’s potential to revolutionize the global payment landscape.
