Cloud native payments-as-a-service platform Form3 has raised $160 million in a funding round led by Goldman Sachs as it prepares to launch into the US market.
The new financing round brings the company’s total fundraising to $220 million and follows a £33 million raise in August last year that was supported by Nationwide Building Society and Lloyds Bank.
Mastercard also took a stake in the firm in December and in July rolled out a cloud-based gateway built by Form3 to ease access for institutions connecting to the UK's Faster Payments network.
The company additionally counts Barclays Bank, Mastercard, 83North and Draper Esprit among its investors.
Michael Mueller, chief executive officer at Form3 comments: “More and more financial institutions (FI’s) are placing mission critical processes onto a platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart - uniquely possible with our cloud native technology and an exciting new phase to come.”
Mueller says the firm is already having conversations with a number of US banks, with the market identified as a key growth target in its global roadmap.
Founded In 2016, Form3’s annual recurring revenue in 2021 grew by 233% and the company now employs over 260 people in 22 countries.