Formance, a French fintech startup that offers businesses a 'low-code' template for tracking payment flows in real time, has raised $3.1m from Hoxton Ventures, Frst, Y Combinator and several business angels.
Founded in 2021 by Clément Salaün and Anne-Sybille Pradelles, Fomance offers pre-built, fully customizable use-case templates for the tracking of the payment flows between pay-ins and payouts.
The package, which features an open source modelling language and ledger and a library of pre-built use cases, is designed to help growing businesses keep track of increasing volumes of money flows and pivot to take advantage of new business opportunities as they arise.
The company also offers a suite of subscription-based real-time transaction tracking tools for finance and operations teams that enable the reconciliation of pay-ins and payouts, and the identification of issues related to transactions.
The firm is currently piloting its packacge with an un-named fintech business, and plans to use the funds to chase up a number of pipeline prospects among SMEs and marketplace businesses.