""Tech News"" – Google News
London-based Form3 develops, develops and operates the technology that powers the future of payments. Today the company just announced that it has raised $ 160 million (nearly £ 116 million) in a Series C financing round.
Plans for a trip to the USA
The investment round was led by new investor Goldman Sachs along with participation from Draper Esprit, a leading VC firm and existing investors including Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North. With this investment, the total funds raised by the platform payment technology provider amount to $ 220 million.
Form3 will use the funds to enter new markets, including the US, where it is in advanced talks with a number of banks. Its ambitious strategic roadmap across all regions and within its platform functionality will further cement Form3 in its position as a leading global player in platform payment technology.
Michael Mueller, Chief Executive Officer at Form3, commented: “More and more financial institutions (FIs) are now happy to put business-critical processes on a common platform. Cloud-native technology has now proven itself on an industrial scale and trust is high and growing. This announcement marks the beginning of a global rollout of Form3 and the resources needed to address the next major payment challenges. How should payments become smart – uniquely possible with our cloud-native technology and an exciting new phase that is to come. “
Vinoth Jayakumar, Partner at Draper Esprit, added, “Form3 continues to demonstrate its ability to own and drive a groundbreaking, innovative narrative in cloud-native payments for financial institutions. Its growth over the past four years has been incredible and it continues to provide new and breakthrough solutions in an industry in dire need of modernization. We are excited to double our support for the Form3 team and welcome Goldman Sachs to this journey. “
For the digital age
Form3’s platform, founded in 2016, is a cloud-native payment platform. It was developed for the modern, digital age and favors collaborative open source development. Every single piece of the platform is managed with infrastructure as code. Form3 has seen unprecedented growth since its debut and operates on a mission to fundamentally change the way technology works in the key banking industry.
Form3 transforms outdated, complex and costly payment infrastructures into a modern, cloud-native real-time payment-as-a-service. It provides banks and regulated fintechs around the world with an end-to-end managed payments service that provides full payment processing, clearing and settlement for the universe of payment systems through a single API.