LONDON--(BUSINESS WIRE)--Form3, the cloud-based, end-to-end, secure platform for global payments processing, today announced it has secured strategic investment from Barclays, the Angel CoFund and several individual investors who have joined the existing shareholders in raising $5m. This latest funding will be used to continue building on Form3’s momentum in the UK and expand services across Europe and North America.
Form3 will use this round of funding to continue expanding its API based Payments-as-a-Service platform to offer clients real-time and interbank payment types. In addition to the current offering for UK Faster Payments, Bacs, CHAPS, SEPA and SWIFT, Form3 will launch SEPA real-time services from November 2017 and US real-time from early 2018. Form3 plans to significantly expand its team to support its growth within the challenger bank and fintech community, as well as payment institutions, banks and financial institution sectors.
“We see Form3 as the next generation of payments platform,” said Michael Mueller, CEO, Form3. He adds: “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 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.”
Dan Roberts, Managing Director at Barclays said: “Barclays is a world leader in payments capabilities and has a long track-record in payments innovation. 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."
Tim Mills, Investment Director at Angel CoFund, added: “We’re very pleased to be backing Form3 as they create an essential component in the global drive to deliver better payment processing, clearing, and settlement services. This vital connecting infrastructure will make many improvements and innovations in fintech and everyday commerce possible.”
Form3 is a fresh approach to payment technology and servicing in the cloud. Form3 provides end-to-end Payments-as-a-Service for financial institutions and regulated financial technology firms. Reliable and secure cloud-based access to FPS, BACS, CHAPS, SEPA & SWIFT payment schemes and bank partnerships. The service is robust and reliable, trusted by the worlds leading financial institutions. Form3 streamlines and simplifies the operation and cost of payments processing, delivering value back to the business. Form3’s API is a single point of access to the full universe of payment schemes. Future-proofed at the point of delivery for complete peace of mind, resulting in a straight-forward, easy to use and hassle-free Payments-as-a-Service. Visit www.form3.tech
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
About Angel CoFund
Launched in 2011, the Angel CoFund is a privately managed and commercially-focused institution that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.
Supported by the British Business Bank with funding from the Department of Business, Energy and Industrial Strategy, the £100m Angel CoFund is able to make initial investments of between £100,000 and £1 million into businesses, alongside syndicates of business angels.
To date the Angel CoFund has supported 75 companies (for example Ebury, Gousto, Crowd Vision and Hopster) providing over £35 million in direct investment alongside more than £165m from business angels and other investors, making it one of the most active early stage investors in the country.
The Angel CoFund is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. The model gives portfolio companies and co-investors the support they need to propel strong growth.