British bank Barclays (BARC.L) has joined Angel CoFund and several individual investors to back the UK-based fintech firm Form3 Financial Cloud, which provides cloud payments technologies for financial institutions through a SaaS delivery model.
Under the structure of the deal announced on Tuesday, the group of investors has joined the existing shareholders in raising $5 million in a bid to support the next phase of growth opportunities for the company.
This funding will be utilized by Form3 for fuelling innovations in digital payments and further strengthening its products portfolio. The funding will also accelerate the company’s ambitious growth plans in the UK and expand operations across Europe and North America.
The timing of the funding is appropriate as it comes at a time when the global payment markets are positioned for exponential growth. In addition, it will support Form3 plans to expand its team to reinforce its diversified capabilities across banks and financial institution sectors.
Form3 delivers payment, accessed through a single API and integration platform and are complemented by a range of essential cloud-based services. Delivered as a SaaS service, the core components of the solution deliver essential infrastructure for global payments.
Michael Mueller, CEO of Form3, commented: “We see Form3 as the next generation of payments platform. 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 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.”
Dan Roberts, Managing Director at Barclays, noted: “Barclays is a world leader in payments capabilities and has a long track-record in payments innovation. 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.”