Form3, cloud-based platform for global payments processing, announced on Tuesday it secured $13 million through its Series B funding round, which was led by venture capital firm, Draper Esprit plc, with participation from existing shareholders Barclays Bank plc, Angel CoFund, and several individuals.
Founded in 2016, Form3 provides a complete end-to-end Payments as a Service for financial institutions and regulated fintechs. Reliable and secure cloud-based access and processing for FPS, BACS, CHAPS, SEPA, SEPA Instant and SWIFT with no hardware or software required by its customers. The service is robust and reliable, trusted by the worlds leading financial institutions.
“Form3’s powerful micro-services architecture and API’s provide a single point of simple access to the full universe of payment schemes. Future-proofed at the point of delivery for complete peace of mind, the result is a straight-forward, easy to use and hassle-free Payments as a Service.”
Form3 reported that the latest funding would be used to build on the momentum that Form3 has established in the UK and Europe, developing additional services and expanding into international markets. The fintech also plans to grow the organization to build on the successes it has already achieved with customers across multiple sectors including banks, payment institutions, card payment processors and the fintech community. Speaking about the latest round of funding, Michael Mueller, Founder and CEO of Form3, stated:
“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.”
Vinoth Jayakumar, Investment Director at Draper Esprit, added:
“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.”
