Form3, a cloud technology provider of Payments-as-a-Service processing for banks and regulated fintech companies, announced on Tuesday that it has received a cash injection of $13 million in a series B funding round lead by venture capital firm Draper Esprit plc with existing shareholders Barclays Bank plc, Angel CoFund and several individuals.
The firm will use the funds to further its mission to tackle a big problem in the financial industry – sending and receiving payments in real time. Form3’s platform reduces the time it takes to deploy new propositions and reduces operating costs. This means foreign exchange (forex) to normal day-to-day transactions are able to be processed in seconds.
Form3 to Expand into International Markets
Specifically, Form3 will use the funding to build momentum to develop additional services and expand into international markets.
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Commenting on the investment, Michael Mueller, Founder and CEO of Form3, 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 company’s existing customers include Ebury, N26, Tandem Bank, LHV Bank, and myPOS. With the investment, Form3 plans to grow the business to build on its current customers including banks, payment institutions and more.
Alexander Weber, Head of International Markets of N26, added: “we are really supportive of the Form3 mission to open access to payment systems. This is much needed around the world and helps companies like N26 scale faster globally and build products their customers love to use.”
“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,” said Vinoth Jayakumar, Investment Director at Draper Esprit.