Form3, which is a London, UK based cloud technology provider of payment as a Service processing for the banks and regulated fintech companies has now secured $13 Million in the funding round of Series B. The investors include the Draper Esprit along with the previous shareholders AngelCoFund, Barclays Bank and some other.
The company as of now has a plans to use the fund to develop the additional services, making its expansion into the international markets and grow the organizations in terms of team size. The company which is founded by the Michael Mueller in the year 2016. Form3 provides a real-time payment and cloud-native technology platform to enable the bank and the regulated fintech to create the product.
The company also provides an API’s and microservice architecture that enhances the single point of access to the full universe of the payment scheme, with no hardware or the software requirement by the customers. The service as of now includes the processing for the UK and Europe (FPS, BACS, CHAPS, SEPA, SEPA Instant & SWIFT). The service as of now is used by some of the leading financial institutions.
Some of the existing customers of the company include the myPOS, Tandem Bank, Ebury, N26, LHV Bank.
Michael Mueller, Founder, and CEO of Form3, said:b“We are pleased with the support we have received in this funding round which reflects both the long-term potential of the business and our track record of successfully delivering high-quality services for our customers. Our mission remains clearly focused on lowering the barriers for better access to payment systems and, in doing so, powering the future of payments.”
Vinoth Jayakumar, Investment Director at Draper Esprit, said: “Form3 is a cloud-native product which enables cutting edge 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 and we’re delighted to be working with Michael and his team.”
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