Form3, a cloud-native payment technology provider for banks and regulated fintechs, has completed a strategic equity investment round of $33 million. The new shareholders that include Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North, join shareholders Draper Esprit, Angels Co-Fund and Barclay’s.
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Following its Series B funding round in November 2018, Form3 has increased its annual recurring revenue by 160%, according to a press release.
Form3’s cloud-native, API platform delivers technical connectivity and managed services that address critical infrastructure challenges facing today’s global banks and fintechs.
The funding will be used to strengthen Form3’s cloud-native payment technology, build significant functional enhancements and accelerate its global expansion plans in both existing and new markets.
“Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient and efficient alternative to legacy payments infrastructure,” Michael Mueller, Chief Executive Officer at Form3 said in the release. “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. Together with our supportive shareholders, Form3 is reshaping payments technology to the next evolution of real-time payment processing without borders.”
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