Form3 raises $33 million in strategic investment round with new investors
Form3, the leading cloud-native payment technology provider for banks and regulated fintechs is moving into its next phase of growth and development with the completion of a strategic equity investment round of $33m. Following its Series B funding round in November 2018, Form3 has trebled in size and increased its annual recurring revenue by 160%.
The new shareholders include Lloyds Banking Group, Nationwide Building Society and venture capital firm; 83North. Draper Esprit has also re-invested following its participation in November 2018.
Form3 is also delighted to welcome Penny Hughes CBE to the Form3 Board as a Non-Executive Director. Penny has been a Director at well-known brands including Coca-Cola, Vodafone and Reuters and more recently a Non-Executive Director at RBS and Chair of Aston Martin.
Form3’s cloud-native, API platform delivers technical connectivity and managed services to address critical payments infrastructure challenges facing banks and Fintechs globally. The funding will strengthen Form3’s market leading cloud-native payment technology, building significant functional enhancements and accelerating their global expansion plans in existing and new markets.
The new shareholders join existing investors Angel Co-Fund and Barclays.
Michael Mueller, Chief Executive Officer at Form3 said, “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally. 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. 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.”
Form3 has shown strong results with clear momentum. In the last year they;
- Increased annual recurring revenue by 160%
- Grew from 50 to 140 people in 14 countries
- Expanded in Europe with a regional Amsterdam hub
John Chambers, Group Chief Information Officer at Lloyds Banking Group commented, “As part of our ongoing digital transformation we are committed to providing banking services that are simple and easy to use. Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud native, real-time payment platform to meet our customers’ evolving needs.”
Claire Tracey, Chief Strategy and Sustainability Officer, Nationwide Building Society said; “We are delighted to invest in Form3 as part of our ongoing venturing programme. Our members complete billions of transactions each year, and we are always looking for ways to help improve the process making it simpler, safer and easier for them. We look forward to working with Form3 as we continue to explore technology which will help us develop even more payment functionality for our 16 million members in the future.”