Form3, the platform payment tech provider, has revealed that its Series C investment funding of $160 million has been finalized.
Form3‘s investment round has been led by the Growth Equity business within Goldman Sachs Asset Management and included contributions from existing investors. This brings the firm’s total fundraising to $220 million.
As mentioned in the announcement, Form3 welcomes new shareholder Goldman Sachs along with existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit.
Form3 has seen “unprecedented” growth since introducing its Cloud-native payment tech platform in 2017 with a goal to transform the way that tech in this key sector operates.
Michael Mueller, CEO at Form3, stated:
“More and more financial institutions (FI’s) are placing mission critical processes onto a platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”
Form3 is now set to move into other markets including the US where it is reportedly in advanced conversations with several banks.
An “ambitious” strategic roadmap across jurisdictions and within its platform functionality will “further propel Form3 into pole position as a leading global player in platform payment technology,” the announcement noted.
James Hayward, MD in the Growth Equity Business within Goldman Sachs Asset Management, remarked:
“Financial institutions are increasingly turning to modern, cloud-based technologies in order to handle growing payment volumes efficiently and in real-time. We are delighted to be leading this investment round and look forward to working together with Form3 and other shareholders to help realise their ambitious global roadmap and strategic growth plan.”
Vinoth Jayakumar, Partner at Draper Esprit, added:
“Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs and 83North to the journey.”
