Following its Series B funding round in November 2018, Form3 has trebled in size and increased its annual recurring revenue by 160%.
The new shareholders include Lloyds Banking Group, Nationwide Building Society and venture capital firm; 83North. Draper Esprit has also re-invested following its participation in November 2018.
Form3 is also delighted to welcome Penny Hughes CBE to the Form3 Board as a Non-Executive Director. Penny has been a Director at well-known brands including Coca-Cola, Vodafone and Reuters and more recently a Non-Executive Director at RBS and Chair of Aston Martin.
Form3’s cloud-native, API platform delivers technical connectivity and managed services to address critical payments infrastructure challenges facing banks and Fintechs globally. The funding will strengthen Form3’s market leading cloud-native payment technology, building significant functional enhancements and accelerating their global expansion plans in existing and new markets.
The new shareholders join existing investors Angel Co-Fund and Barclays.
Form3 has shown strong results with clear momentum. In the last year they;
John Chambers, Group Chief Information Officer at Lloyds Banking Groupcommented, "As part of our ongoing digital transformation we are committed to providing banking services that are simple and easy to use. Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud native, real-time payment platform to meet our customers’ evolving needs.”
Claire Tracey, Chief Strategy and Sustainability Officer, Nationwide Building Societysaid; “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.”