London fintech Form3 closes $13m Series B for international expansion

Cloud tech company Form3 has secured $13m (c.£10.1m) in Series B funding.

The London-based company raised the eight-figure backing from venture capital firm Draper Esprit plc and existing shareholders including Barclays Bank plc and Angel CoFund.

Form3 provides cloud-based payments-as-a-service processing for banks and regulated fintech businesses, enabling transactions that previously took hours or days to be processed in seconds.

The firm will use the new funding to build on the momentum already achieved in the UK and Europe, develop additional services and expand into international markets.

Form3 was founded in 2016 by its CEO, Michael Mueller, who said: “We are really pleased with the support we have received in this funding round which reflects both the long-term potential of the business and our track record of successfully delivering high quality services for our customers.

“Our mission remains clearly focused on lowering the barriers for better access to payment systems and, in doing so, powering the future of payments.”

Draper Esprit investment director Vinoth Jayakumar commented: “Form3 is a cloud-native product which enables cutting edge fintechs and established players to offer their customers real-time payments.

“Their scalable product enables the infrastructure for the future of banking. They’re exactly what we look for in a portfolio company and we’re delighted to be working with Michael and his team.”

Form3 is the latest cloud tech provider to join Draper Esprit’s portfolio, which includes fintech investments in Transferwise, Crowdcube, Seedrs and Revolut.