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Form3 raises £33 million with support from Nationwide and Lloyds

Form3 raises £33 million with support from Nationwide and Lloyds

Lloyds Banking Group and Nationwide have contributed to a £33 million funding round in cloud-native payments technology house Form3.

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.

The new shareholders join existing investors Angel Co-Fund and Barclays.

The investment by Lloyds was signalled last month as the bank took on Form3 to provide support for enhanced data and new overlay services and to create the base platform for the UK's New Payment Architecture initiative.

Michael Mueller, chief executive officer at Form3 says: “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.”

Form3 was founded in 2016 by a team of industry veterans from Deutsche and Barclays, Swift, Barclaycard and Gain Capital Payments. Following its £13 million Series B funding round in November 2018, the firm has since trebled in size and increased its annual recurring revenue by 160%.

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