Form3 Secures $60 Million in Funding to Revolutionize Financial Transactions
The global economy is facing challenges, as noted by the International Monetary Fund. In response, financial institutions are seeking ways to reduce costs and increase financial activities. One company at the forefront of this movement is Form3, a startup that has raised $60 million to further develop its business.
The investment, led by British Patient Capital, brings Form3’s Series C funding to $220 million. Other investors include industry giants like Visa, Goldman Sachs, MasterCard, Barclays, Molten Ventures, and 83North. With a post-money valuation of around $570 million, Form3 is making waves in the fintech industry.
Unlike many disruptive fintech startups, Form3 was born out of the founders’ frustration with outdated payment systems while working at Barclays. CEO Mike Walters and co-founder Michael Mueller recognized the need for modern technology to streamline financial transactions. Teaming up with Steve Cook, an expert in SaaS for financial services, they founded Form3 in 2016.
Form3 has since become a key player in the fintech space, serving a diverse range of clients, including neobanks like Klarna and N26, as well as banking-as-a-service providers like Thought Machine. The company’s APIs enable faster and more efficient payment services, including instant transfers, payment orchestration, fraud protection, and more. In the UK, Form3 processes over 50% of non-cash payments, with plans to expand in the US and Europe.
This funding round, initiated in September 2021, reflects the challenging fundraising environment for growth-stage companies. However, Form3’s innovative solutions for modernizing payment infrastructure have attracted significant backers like British Patient Capital. Managing Director Tom Haywood expressed excitement about supporting Form3’s growth journey.
In conclusion, Form3’s latest funding round underscores its commitment to revolutionizing financial transactions and empowering banks to adapt to the digital economy. With a strong lineup of investors and a track record of success, Form3 is poised for further growth and expansion in the fintech industry.
