Paytech Form3 secures $160m Series C round led by Goldman Sachs
London-based payment technology provider Form3 has raised $160 million in a Series C funding round to fuel its US expansion plans.
The round was led by Goldman Sachs Asset Management with participation from existing investors Lloyds Banking Group, Nationwide Building Society, Barclays and Mastercard, among others.
The latest injection of funds brings the company’s total capital raised to $220 million.
Form3 launched its cloud-native Payments-as-a-Service platform in 2017 and currently employs more than 260 people in 22 countries.
The platform enables financial institutions to securely run and scale their critical payments infrastructure through a fully managed service.
Form3 claims to have experienced “unprecedented growth” since its launch and is now plotting to move into new markets including the USA, where it says it is currently “in advanced conversations with a number of banks”.
CEO Michael Mueller says the announcement “marks the beginning of a global roll out for Form3” and that the funding will also help the firm “tackle the next big challenges in payments”.
He adds: “More and more financial institutions are placing mission critical processes onto a platform.
“Cloud-native technology is now proven at an industrial scale and confidence is high and growing.”