Form3 is a cloud-native account-to-account platform that has raised $60 million in an extension to its Series C funding round. This fresh funding is from British Patient Capital, the UK government’s economic development bank subsidiary. It extends the company’s already-considerable funding by strategic investors that include Visa, Mastercard, Barclays, Goldman Sachs, Molten Ventures, and 83North. In total, Form3’s Series C funding now stands at $220 million after this round and places the valuation of the startup at about $570 million.
Form3 was founded in 2016 with the mission of empowering a borderless world of payments, enabled through its always-on, cloud-native, Payments-as-a-Service platform. Already trusted by several of the UK’s and Europe’s largest Tier1 banks and some of the fastest-growing fintechs to handle critical payments architecture, it has been a recipient of several prestigious awards, including “PayTech of the Year” at the UK Fintech Awards 2024 and “Best Scam/APP Prevention Innovation” at the Datos Insights Impact Awards 2024.
This extended capital will now enable Form3 to build new products and services further; to invest in supporting exponential growth in key markets in the UK, Europe, and the US. “British Patient Capital’s investment enables Form3 to continue to deliver mission-critical infrastructure technology for the world’s most established banks and financial institutions,” noted Benyam Hagos, Chief Financial Officer of Form3.
Tom Haywood, Managing Director of Direct Investments at British Patient Capital, said, “Form3 has built a leading solution for a challenge that banks globally are facing: migrating to a modern, future-proof payments infrastructure. We are very happy to support them as they continue to scale their business in these exciting times.”
Finance is moving at an incredible velocity, while banks and other financial institutions around the world are striving to reduce operational costs and increase financial activity. Form3 occupies that niche: catering to the emergent need for simplicity in today’s complex job of payment processing, with a state-of-the-art platform. It links different financial actors in such a way that allows direct account-to-account payments to be achieved without friction or losses.
Unlike many fintechs that enter the market with a disruptive intention in one way or another, Form3 was born out of a need for efficiency from within the banking sector. According to Mike Walters, CEO and co-founder of Form3, the idea for the company first came about when he and cofounder Michael Mueller, while working at Barclays, grew frustrated with the high costs and complications involved in enhancing basic payment infrastructure.Â
Partnerships with British Patient Capital are instrumental in further innovation. With this new funding, Form3 will continue leading the charge in the transformation of the state of the payment infrastructure for the modern financial world.
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