The London startup has raised backing from angel investors across hospitality, real estate and sport.
"I loved the unique concept, the team, the user traction and how users are responding through high engagement. Loyalty is about perfect execution and building a solution the customers love. Embargo is the one who got it right."
The seed round was backed by angel investors and venture capital firms including Lakestar, SIX Fintech Ventures, and JME Ventures.
"Small businesses are the lifeblood of our economy, yet many are struggling to get back on their feet after the pandemic. We’re on a mission to support them getting paid on time and, by digitising the payment process, stop the time they waste chasing and managing payments; ultimately supporting a stronger cash flow and meaning they can survive and thrive."
— Pete Bailey, Co-founder and Chief Product Officer
Scottish Equity Partners led the growth equity round to accelerate product development and international expansion.
"APIs are everywhere. Ordered a pizza online? You can thank APIs for that. Just applied for a credit card? That's APIs from start to finish. The modern enterprise is at its core an API company, and those that want to survive are expanding their API ecosystems rapidly. With that growth comes an increasing need to manage, monitor and secure that complexity."
Goldman Sachs Asset Management led the Series C round to support international expansion and platform development.
"Financial institutions are increasingly turning to modern, cloud-based technologies in order to handle growing payment volumes efficiently and in real-time. We are delighted to be leading this investment round and look forward to working together with Form3 and other shareholders to help realise their ambitious global roadmap and strategic growth plan."
THG Ingenuity has invested £1.4m for a minority stake in Civo to bolster its cloud infrastructure offering.
"We built THG Ingenuity to remove the burden of multi-partner relationships and complex software and infrastructure. In turn, THG has sought best-of-breed partners that help us create the most seamless, effective, and scalable direct-to-consumer retail models in a single, digital platform."