Form3 raises £25.1m in Series C funding led by Lloyds Banking Group, Nationwide Building Society and 83North
Lloyds Banking Group, Nationwide Building Society and 83North led the Series C round to support product enhancement and global expansion.
Form3 provides a cloud-native account-to-account platform that handles critical payments architecture for major banks and financial institutions. Founded in 2016, the company operates an always-on service utilised across the UK, Europe and the US.
Form3 has secured £25.1m in a Series C funding round led by Lloyds Banking Group, Nationwide Building Society and 83North. Existing backer Draper Esprit also participated in the round alongside other investors. The capital will be used to enhance the company's core technology and accelerate international expansion into new and existing markets.
The investment follows a period of rapid growth for the London-based business, which has trebled in size and increased annual recurring revenue by 160% since late 2018. New strategic backers include major financial institutions aiming to integrate cloud-native real-time payment solutions into their operations.
From the founder
"Together with our supportive shareholders, Form3 is reshaping payments technology to the next evolution of real-time payment processing without borders."
Michael Mueller
Chief Executive Officer at Form3
Investor perspective
"We are delighted to invest in Form3 as part of our ongoing venturing programme. Our members complete billions of transactions each year, and we are always looking for ways to help improve the process making it simpler, safer and easier for them. We look forward to working with Form3 as we continue to explore technology which will help us develop even more payment functionality for our 16 million members in the future."
Claire Tracey
Chief Strategy and Sustainability Officer, Nationwide Building Society
Use of funds
- 01Continue product development
- 02Expand into international markets
