UK-based payment technology provider Form3 collected $160m yesterday in a series C round featuring payment services provider Mastercard and financial services firms Lloyds Banking Group, Nationwide Building Society and Barclays.
The round was led by investment banking firm Goldman Sachs’ Asset Management subsidiary through its growth equity unit. It invested together with venture capital firms 83North and Draper Esprit.
Form3 has built a cloud-native payment software platform that enables financial institutions to execute payment processing as well as clearing and settlement transactions.
Michael Mueller, Form3’s CEO, said: “This announcement marks the beginning of a global rollout 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.”
The company now intends to expand into new geographic markets including the United States where it is in advanced discussions with multiple banks.
Form3 said it has now raised $220m since it was founded in 2016, Mastercard having invested an undisclosed sum in the business as part of a strategic partnership in December 2020.
Lloyds Banking Group and Nationwide Building Society had contributed to a $33m round for Form3 four months earlier that was backed by Draper Esprit.
Draper Esprit led the company’s $13m series B round, in 2018, which included Barclays, Angel Co-Fund and a number of individual investors. Barclays, Angel Co-Fund, undisclosed angel investors and unspecified existing backers had participated in its $5m series A round in 2017.