Fintech Investment Services News

Cloud-native Payment Technology Provider Form3 Raises $33 Million in Strategic Investment Round

Form3 Raises $33 Million in Strategic Investment Round

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.

Read More: Habito, UK’s Digital Mortgage Broker, Secures £5.5m in Series A funding

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.

Read More: DataRooms.com Embeds the dtSearch Engine to Enable Instant Searching across Terabytes of Virtual Data Room Content

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.”

Read More: GlobalFintechSeries Interview with Anand Kumar Bajaj, MD & CEO at PayNearby

Related posts

Free Pandemic Response App Helps Organizations Harness Data, Make Critical Decisions

Fintech News Desk

Bitdeer Announces Availability of the Highly Demanded Filecoin

Fintech News Desk

Embedded Finance Leader Alviere Runs Ad Campaign Announcing Official Arrival of New Era of Finance

Fintech News Desk
1