Form3, a cloud-based platform for global payments processing, has raised $5m in a series-A funding round from Barclays Bank, Angel Co-Fund and several individual investors.
The UK-based firm intends to use the funding to expand geographically across Europe and North America.
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The startup currently offers clients real-time and interbank payments processing through UK Faster Payments, Bacs, Chaps, Sepa and Swift. However, it plans to launch SEPA real-time services from November 2017 and US real-time from early 2018.
Form3 added that it plans to considerably expand its team to support its growth within the challenger bank and fintech community.
Form3 CEO Michael Mueller said: “We see Form3 as the next generation of payments platform. Our clients quickly see the benefits of our cloud-native platform, often starting with a single payment type to improve their client proposition. There is no roll-out of complex projects with big teams and monolithic payment hubs, gateways, integrations etc. Clients simply subscribe to a payment service and we take care of the rest.
“A low-cost setup and pay as you go commercial model for the first time, makes leading edge payment capability accessible economically for small or very high volumes users. We are very excited about the support we have received in this funding round, it is a testament to our growing client base and our ability to meet the market needs for better access to payment systems.”
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By GlobalDataDan Roberts, managing director at Barclays, commented: “We see Form3 as an enabler for positive change in the payments landscape. Form3 has rapidly deployed services to be a significant challenger to current technology options. We view the emerging Payments-as-a-Service model as complementary to our existing capabilities, offering clients further choice. We look forward to working with Form3 as they build out their model.”
