Form3 clinches $13 million Series B

Form3 clinches $13 million Series B

Payments integration vendor Form3 has secured a $13 million Series B funding round with investment from venture capital firm Draper Esprit, along with existing shareholders Barclays Bank, Angel CoFund and several individuals.

Established in 2016, Form3 offers cloud-based payments-as-service processing for large banks and fintechs via a series of APIs that hook up to real-time payment infrastructures.

The UK-based firm currently offers offer clients real-time and interbank payments processing through UK Faster Payments, Bacs, Chaps, Sepa and Swift.

Clients include Ebury, N26, Tandem Bank, Holvi, LHV Bank and myPOS.

Barclays and Angel CoFund invested $5 million in the firm in July.

The company says the capital injection will be used to develop additional services and expand into international markets.

Form3 is the latest cloud technology provider to join the Draper Esprit portfolio, building on the company’s fintech investments in Transferwise, Revolut,Crowdcube and Seedrs.

Vinoth Jayakumar, investment director at Draper Esprit, says: “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.”
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