London’s payments infrastructure provider Form3 has raised $160 million in a Series C funding round. The latest funding is expected to fuel expansion plans into new markets, with a specific focus on the US, where the company is already in advanced conversations with a number of banks. To date, the startup has raised $220 million.
Placing a heavy emphasis on cloud-based technologies, Form3 launched in 2017, with its Payments-as-a-Service platform, and is now in use by some of Europe’s biggest Tier1 banks, as well as a number of the fastest-growing fintechs.
As a clear indication of the uptake on the company’s offer, 2021 saw an ARR growth of 233%, and the startup now employes over 260 individuals in 22 countries worldwide.
Discussing the current and next phase for Form3, CEO Michael Mueller commented, “Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global rollout 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’s Series C round was led by Goldman Sachs and saw the participation of existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North, and Draper Esprit.
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