Form3 has solved one of the most challenging problems the financial industry faces, sending and receiving payments in real time. Now, transactions that once took hours or days, can be processed in seconds. Whether buying foreign exchange, paying a taxi driver, booking a hotel room or moving millions between large companies, their system is fast, flexible and safe. Form3 is transforming the future of payments.
Form3’s platform significantly reduces the time it takes to deploy new propositions and reduces operating costs. Existing customers include Ebury, N26, Tandem Bank and LHV Bank. Established in 2016 and led by CEO Michael Mueller, Form3 enables banks and regulated fintechs a faster, more agile way to deliver payments, keeping up with cybersecurity challenges and helpsthe end customer get a better service. This latest funding will be used to build on the momentum that Form3 has established in the UK and Europe, developing additional services and expanding into international markets. The business also plans to grow the organisation to build on the successes it has already achieved with customers across multiple sectors including banks, payment institutions, card payment processors and the fintech community.
Instead of building their own technology on site, leading banks and fintechs are now building platforms which assemble best in class applications such as Form3. By integrating these applications, through APIs and using cloud infrastructure, these companies can build new products faster to focus on customer needs. Despite the financial services industries slower adoption of platform technology, it’s a development which we believe is here to stay.
Form3 is the latest cloud technology provider to join the Draper Esprit portfolio, building on the company’s FinTech investments in Transferwise, Revolut, Crowdcube and Seedrs.
Alexander Weber, Head of International Markets of N26, said: “We are really supportive of the Form3 mission to open access to payment systems. This is much needed around the world and helps companies like N26 scale faster globally and build products their customers love to use”
Juan Lobato, CEO and co- founder of Ebury, said: “Achieving close connectivity to payment systems is about both understanding local regulation and delivering quality technology - Form3 are unique in that they provide expertise in both”
Tuomas Toivonen, co-founder of Holvi said: “Our goal at Holvi has always been to make the life of small businesses easier. As we rollout across European markets, partnering with Form3 to access payment systems is helping us disrupt the market and deliver an amazing customer experience.”
Vinoth Jayakumar, Investment Director at Draper Esprit, said: “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.”