Payments-as-a-service startup Form3 has received an undisclosed investment from Draper Esprit.
Existing investors in the company also took part in the round including, Barclays Bank plc, Angel CoFund and a number of unnamed individuals
Form3 helps banks and regulated FinTechs to offer payment services while also combatting cybersecurity challenges. The company is a cloud-based payment processor which can integrate its API with existing infrastructure.
Its technology is able to send and receive payments in real-time to support a range of transaction types from foreign exchanges to buying a hotel to transferring millions between large enterprises.
Form3 also offers regulatory compliance tools to its clients, including a compliance standard which goes across the entire platform and keeps everything updated with changes. Every managed service its ready and compliant for local markets and all changes to the system are managed through the API.
Capital from the round will be used to continue the company’s strong growth in the UK and Europe, as well as building more solutions and features for its platform and expanding internationally.
Form3 is looking to grow on its successes with customers across banks, payment institutions, card payment processors and the fintech community.
Some of the company’s existing clients include Tandem Bank, N26, LHV Bank and myPOS.
Draper Esprit investment director Vinoth Jayakumar said, “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 and we’re delighted to be working with Michael and his team.”
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