Based out of London, Form3 is a cloud-native payment technology provider for banks and regulated fintechs. Recently, the company has secured $33 million (approx €27.6 million) funding in Series C round led by Lloyds Banking Group, Nationwide Building Society, and venture capital firm; 83North. Draper Esprit has also re-invested following its participation in November 2018.
With this funding, Form3 intends to strengthen its cloud-native payment technology, building significant functional enhancements, and accelerating its global expansion plans in existing and new markets.
Michael Mueller, Chief Executive Officer at Form3 said, “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally. Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient, and efficient alternative to legacy payments infrastructure. The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission-critical infrastructure among Tier1 banks and Fintechs and we are here to help them implement that.”
Trebled in size!
Ever since its Series B funding round in November 2018, Form3 has trebled in size and increased its annual recurring revenue by 160%. The company also grew from 50 to 140 people in 14 countries. Additionally, it has expanded in Europe with a regional Amsterdam hub.
Penny Hughes CBE joined Form3 Board as a Non-Executive Director. Previously, Penny has been a Director at well-known brands including Coca-Cola, Vodafone, and Reuters and more recently a Non-Executive Director at RBS and Chair of Aston Martin.
Revolutionise world of payment processing
Back in 2016, four banking and technology leaders set out to revolutionise the world of payment processing. The UK startup has disrupted the traditional payments infrastructure model and built a cloud-native, Payments-as-a-Service platform
Form3 delivers cloud-based connectivity, payment processing, clearing, and settlement services. It is a fully managed payment technology service combining a powerful AWS cloud processing platform, multiple-scheme payment gateways, and a fully managed 24×7 service model.
John Chambers, Group Chief Information Officer at Lloyds Banking Group commented, “As part of our ongoing digital transformation we are committed to providing banking services that are simple and easy to use. Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud-native, real-time payment platform to meet our customers’ evolving needs.”
Claire Tracey, Chief Strategy and Sustainability Officer, Nationwide Building Society said; “We are delighted to invest in Form3 as part of our ongoing venturing programme. Our members complete billions of transactions each year, and we are always looking for ways to help improve the process making it simpler, safer, and easier for them. We look forward to working with Form3 as we continue to explore the technology which will help us develop even more payment functionality for our 16 million members in the future.”
Main image credits: Form3
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