London-based fintech company Form3 has raised $33 million in a strategic investment round, bringing on new investors Lloyds Banking Group, Nationwide Building Society and VC 83North. Existing investor Draper Esprit joined as well.
Founded in 2016, Form3 offers a cloud-native payment technology to financial institutions and other fintech companies. Following its $13 million Series B round in November 2018, the UK startup says it has tripled in size and increased its annual recurring revenue by 160 percent.
“The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission critical infrastructure among Tier1 banks and fintechs and we are here to help them implement that,” said CEO Michael Mueller. As part of the strategic partnerships, Lloyds Banking Group and Nationwide Building will implement the fintech’s solution for their customers. Joining the board as a non-executive director is Penny Hughes, former chair of Aston Martin and former director of global brands such as Coca-Cola, Vodafone and Reuters. Headquartered in London with a regional hub in Amsterdam, Form3 will put the fresh capital toward “building significant functional enhancements” in the platform, as well as expansion in existing and new markets.
Photo: Form3 team