Form3 shows good form with $13m funding
Form3, the cloud tech provider of Payments-as-a-Service processing, has secured a $13 million Series B investment from venture capital firm Draper Esprit, along with existing shareholders Barclays, Angel CoFund and several individuals.
Form3, established in 2016 and led by CEO Michael Mueller, says its platform “significantly reduces” the time it takes to deploy new propositions and reduces operating costs.
Form3’s existing customers include Ebury, N26, Tandem Bank, LHV Bank and myPOS.
This latest funding will be used to build on the momentum that Form3 has established in the UK and Europe, developing additional services and expanding into international markets.
The business also plans to grow the organisation to develop existing relationship with customers across banks, payment institutions, card payment processors and the fintech community.
Form3 says that its application caters to the current trend by banks and fintechs to build platforms that can integrate other features via APIs using cloud infrastructure.
Vinoth Jayakumar, investment director at Draper Esprit, says: “Form3 is a cloud-native product which enables fintechs and established players to offer their customers real-time payments. Their scalable product enables the infrastructure for the future of banking. They’re exactly what we look for in a portfolio company.”
Form3 is the latest cloud technology provider to join the Draper Esprit portfolio, building on the company’s fintech investments in TransferWise, Revolut, Crowdcube and Seedrs.