UK FinTech Form3 Raises $ 160 Million in Series C
The round was led by Goldman Sachs, with input from current investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit.
“Cloud native technology has now proven itself on an industrial scale and trust is high and growing,” Form3 CEO Michael Mueller said in the announcement, adding that the new funding “marks the beginning of ‘a global rollout for Form3 ”because it can now“ meet the next big payments challenges ”.
Form3 is looking to expand its base in the United States, according to the announcement.
Form3 was an integral part of a recent rollout of Mastercard’s PayPort +, according to PYMNTS. The next generation real-time payment gateway is powered by Vocalink and Form3. It allows financial institutions and payment service providers to easily access the UK’s real-time payment infrastructure.
Related: Mastercard presents the real-time payment gateway PayPort +
Four banking and technology leaders founded Form3 in 2016, according to the company’s website. Their goal was to transform an outdated and expensive payment infrastructure into a cloud-native payment-as-a-service model. Form3’s cloud-native API platform enables financial institutions to run and scale their payment infrastructure securely and efficiently, PYMNTS reported. The company is certified as a UK Faster Payments Aggregator with Pay.UK. By 2021, Form3 was to process “a significant percentage” of all faster payments in the UK.
See also: Form3 partners with Mastercard to advance payments in real time
Prior to its partnership with Mastercard, Form3 announced a collaborative effort with Countingup, a UK-based payments and accounting firm. Empowered by modern Countingup technology, which instantly converts transactional data and eliminates complex workflows, Form3’s service offers real-time payments. The effort is aimed at helping small and medium-sized businesses better manage their operations. The joint effort helps SMEs with new benefits such as simpler workflows to manage finance and accounting faster, which will save time and money.
Read more: Form3, Countingup Partners For Cloud-Based Ways To Save Money And Time