Cloud-native payment technology developer Form3 has scored $33m in funding, which will support the next growth stage of the company.
The company previously raised $13m for its Series B in 2018 and since then, the company claims to have tripled in size and grown its recurring revenue by 160%.
Backers of the new round include Lloyds Banking Group, Nationwide Building Society, 83North and Draper Esprit.
Capital from the round will be used to bolster its technology’s capabilities and increase its international expansion efforts. 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.
Its technology can also be used to regulatory compliance to ensure customers are authorised and prevent push payment scams from occurring.
The company provides cloud-native payment processing, clearing and settlement services.
Form3 CEO Michael Mueller said, “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally.
“Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient and efficient alternative to legacy payments infrastructure. 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 and we are here to help them implement that.
In conjunction with the deal, Penny Hughes CBE has joined the Form3 board as a non-executive director. Hughes has served as a director at companies including Coca Cola, Vodafone and Reuters.
The company has witnessed a strong year of growth, with its team growing from 50 to 140 people and its annual recurring revenue growing by 160%.
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