The fundraising was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and included participation from existing investors. This brings the company’s total fundraising to $220 million.
This new investment goes alongside Form3's existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit. Form3 has seen unprecedented growth since launching its cloud-native payment technology platform in 2017 with a mission to fundamentally change the way that technology in this key industry operates.
Michael Mueller, CEO at Form3, commented: “More and more financial institutions are placing mission critical processes onto a platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come."
An ambitious strategic roadmap across geographies and within its platform functionality will further propel Form3 into pole position as a leading global player in platform payment technology.
James Hayward, Managing Director in the Growth Equity Business within Goldman Sachs Asset Management, commented: “Financial institutions (FI’s) 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.”
Vinoth Jayakumar, Partner at Draper Esprit said; “Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs and 83North to the journey.”