Mastercard makes undisclosed investment in Form3
Form3, a cloud-native payment technology provider, has secured a partnership and investment deal from Mastercard.
The additional undisclosed funding follows its $33 million raised in August this year from new investors; Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North.
Founded in 2016, Form3 has built a cloud-native, application programming interface (API) led payments technology platform to enable financial institutions to securely and efficiently run and scale their critical payments infrastructure through a fully managed service.
Michael Mueller, CEO at Form3, says the partnership with Mastercard will “enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future”.
“The power of cloud-based architecture to safely and securely handle significant payment processing volume in near real-time is now a very real opportunity for large financial institutions. Together with Mastercard we are set to make our global ambitions a reality,” he adds.
Gregor Dobbie, CEO of Vocalink, a Mastercard subsidiary, comments: “This partnership with Form3 will directly deliver against our multi-rail strategy to enhance more payment flows for our customers.”
Gregor Dobbie will join Form3’s strategic advisory board following Mastercard’s investment.
Form3 recently announced it has become a certified UK Faster Payments Aggregator with Pay.UK.
It expects to be handling a significant percentage of all UK Faster Payments as well as offering the complete Single Euro Payments Area (SEPA) suite for European payments next year.