Formance, developer of an open source programmable ledger for financial flows, has closed on a $21 million Series A funding round co-led by PayPal Ventures and Portage Ventures, with participation from Y Combinator, Hoxton Ventures, and Axeleo Capital.
Founded in 2021 by Clément Salaün, former payments lead at Selency, and Anne-Sybille Pradelles, ex-COO of cybersecurity startup Alsid, Formance provides a transactional database that provides detailed visibility into every transaction, and streamline reconciliation, with any type of financial partner.
Led by an experienced fintech team from Klarna, FIS, Solaris, and CockroachDB, the Frencch fintech serves global customers, including large-scale vertical SaaS platforms, fintechs, and financial institutions - such as Doctolib, Liberis, Booksy, and Btech - which require high levels of scalability, security, and ownership.
The new financing comes on the heels of a 10x increase in Formance’s revenue over the past 12 months.
Says Pradelles: “This new funding will fuel Formance’s expansion across the US and Europe and accelerate its vision of transforming its Open Source Ledger into a full-scale platform for building and managing sophisticated financial features.”