London-based Form3, a cloud-native account-to-account platform, announced on Tuesday, September 11, that it has secured $60M (approximately €54M) in Series C Extension with new investment from British Patient Capital alongside existing shareholders, including Visa.
The latest funding brings Form3’s Series C funding round to a total of $220M (approximately €200M) at a valuation of $570M (approximately €517M) post-funding, reports TechCrunch.
It’s worth mentioning that this funding round has been in progress for a while. The first investment in the Series C dates back to August 2020.
The UK company will use the funds to develop new products and services to help support growth in key markets such as the UK, Europe, and the US.
The announcement comes a year after raising investment from Visa back in September last year.
Benyam Hagos, Chief Financial Officer, Form3 says, “British Patient Capital’s investment enables Form3 to continue to deliver mission-critical infrastructure technology for the world’s most established banks and financial institutions.”
Form3: Provides account-to-account platform
Founded in 2016, Form3 is the account-to-account platform. The company offers a fully managed, payment technology platform for Financial Institutions- as-a-service.
The company is on a mission to disrupt the traditional payment infrastructure model, with an always-on, cloud-native, Payments-as-a-Service platform.
Today, the company is trusted by some of the UK’s and Europe’s, and the US’s biggest tier-one banks and global financial institutions to handle their critical payments architecture.
Form3 works with regulated financial institutions including large Enterprise banks and digital challenger banks including Mastercard, Lloyds Banking Group, Ebury, LHV, PPS, N26, Square, Aion Bank, and others.
The investor
British Patient Capital Limited is a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses.
Launched in June 2018, British Patient Capital has more than £3B of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses.
Tom Haywood, Managing Director, Direct Investments, British Patient Capital, says, “Form3 has built a leading solution for a challenge that banks worldwide are facing: how to transition to a modern, future-proof payments infrastructure. We are delighted to support them as they take the next steps in their growth journey.”
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