The round was led by Goldman Sachs, with participation from current investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit.
“Cloud-native technology is now proven at an industrial scale and confidence is high and growing,” Form3 CEO Michael Mueller said in the announcement, adding that the new funding “marks the beginning of a global roll out for Form3,” as it can now “tackle the next big challenges in payments.”
Form3 is looking to broaden its base in the U.S., according to the announcement.
Form3 was integral in a recent rollout of Mastercard’s PayPort+, according to PYMNTS. The next-generation real-time payments gateway is powered by Vocalink and Form3. It offers easy entry into the U.K.’s real-time payments infrastructure for financial institutions and payment service providers.
Related: Mastercard Introduces Real-Time Payments Gateway PayPort+
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Four banking and technology leaders founded Form3 in 2016, according to the company’s website. Their goal was to morph outdated and expensive payments infrastructure to a cloud-native payments-as-a-service model. Form3’s cloud-native, API platform enables financial institutions to securely and efficiently run and scale their payments infrastructure, PYMNTS reported. The company is certified as a U.K. Faster Payments Aggregator with Pay.UK. For 2021, Form3 was expected to process “a significant percentage” of all U.K. Faster Payments.
See also: Form3 Partners With Mastercard To Advance Real-Time Payments
Prior to its partnership with Mastercard, Form3 announced a collaborative effort with Countingup, a U.K.-based payments and accounting firm. Bolstered by Countingup’s modern technology, which converts transactional data instantly and eliminates complex workflows, Form3’s service features real-time payments. The effort is aimed at helping small- and medium-sized businesses run their operations more smoothly. The joint effort helps SMBs through new benefits like simpler workflows to manage finances and accounting more quickly, which will help save time and money.
Read more: Form3, Countingup Team Up For Cloud-Based Ways Of Saving Money, Time
