Form3 gains investment from major UK banks
Cloud payments firm Form3 has raised $33 million in a strategic investment round.
Among the new investors and shareholders are Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North.
The new shareholders join existing investors Angel Co-Fund and Barclays.
Form3 claims to have trebled in size and increased its recurring revenue by 160% since its 2018 Series B funding.
Prior to the new investment, it had raised $24.5 million over four funding rounds.
Following the latest injection, the firm has also appointed Penny Hughes to its board as a non-executive director.
“The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission critical infrastructure,” says Michael Mueller, CEO at Form3.
“Together with our supportive shareholders, Form3 is reshaping payments technology to the next evolution of real-time payment processing without borders.”
John Chambers, chief information officer at Lloyds Banking Group, says the investment is [art of an “ongoing” digital transformation.
The bank signed a strategic partnership with Form3 back in July.
“Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud native, real-time payment platform to meet our customers’ evolving needs.”
Claire Tracey, chief strategy and sustainability officer for Nationwide Building Society, says her firm will continue to explore new technology.
“Our members complete billions of transactions each year, and we are always looking for ways to help improve the process making it simpler, safer and easier for them.”