London-based Form3, a cloud-native account-to-account platform, has raised $60 million in Series C extension funding from British Patient Capital, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank, which backed Quantexa and Wagestream. It also saw participation from existing strategic and financial investors, including Visa, which recently backed Workpay.
With this investment round, Form3 has raised a total funding of $220 million and reached a valuation of $570 million.
Funds utilisation
This funding will enable Form3 to develop new products and services to help support exponential growth in key markets such as the UK, Europe, and the US.
Tom Haywood, Managing Director, Direct Investments, British Patient Capital, said: “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.”
Account-to-account platform
Founded in 2016 by Michael Mueller and Mike Walters, Form3 is an account-to-account platform. The company revolutionises the world of payment processing and disrupts the traditional payment infrastructure model, with an always-on, cloud-native, Payments-as-a-Service platform.
It is trusted by some of the UK’s, Europe’s, and the US’s biggest tier-one banks and global financial institutions to handle their critical payments architecture.
Form3 enables major banks and other financial institutions to accelerate their digital transformation and connect to multiple payment schemes via a single scalable platform. Its offering replaces strained legacy software with a robust cloud-native infrastructure that is optimised for real-time payments.
Powers future of payments
Form3 enables financial institutions to create amazing products and experiences. As a fully managed payment technology service, it combines a powerful cloud processing platform and multiple-scheme payment gateways with a fully managed 24×7 service model.
The payment giant provides reliable and secure cloud-based access and processing for FPS, BACS, CHAPS, SEPA, SEPA Instant & SWIFT with no hardware or software required by ther customers.
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.
Benyam Hagos, Chief Financial Officer, Form3 said, “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.”
