The UK-founded cloud-based payment-as-a-service processing provider Form3 has raised $13 million from Draper Esprit, with participation from its existing shareholders Barclays Bank, Angel CoFund, and “several individuals.”

Form3 claims to have solved the problem of slow payment processing, providing banks and fintech companies with a cloud-based technology that allows for sending and receiving payments in real time. The company’s existing clients include Ebury, N26, Tandem Bank, LHV Bank, and myPOS.

The startup’s success depends mostly on whether major banks and fintech companies would be willing to move from the traditional model of building their technology solutions fully on-premise towards cloud-based platforms such as Form3. So far, the adoption has been quite slow and unconvincing, although the startup believes that the trend “is here to stay,” it stated in a press release.

Image credit: Jonas Leupe on Unsplash

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