$5m funding for start-up with “fresh approach to payments processing”
Form3 has secured backing from Barclays and the Angel CoFund to support domestic and international growth of its Payments-as-a-Service platform
Form3, a cloud-based secure platform for global payments processing – has closed a $5m Series A round led by Barclays and the government-backed Angel CoFund.
Several unnamed individual angel investors also participated in the round, joining existing shareholders.
Established in 2016 by former Barclays executive Michael Mueller, Form3 is marketed as a solution for making payments easier, faster and cheaper.
It offers clients real-time and interbank payment types including Faster Payments, Bacs, CHAPS, SEPA and SWIFT, promising a “low-cost set-up and pay as you commercial model”.
It will use the investment to drive growth in the UK – with the roll-out of SEPA real-time services from November – and will expand its services across Europe and North America. SEPA is expected to be accessible in the US real-time early next year.
The funding will also go towards making new hires to cement its position within the challenger bank and fintech community.
CEO and founder Mueller commented: “We see Form3 as the next generation of payments platforms.
“We are very excited about the support we have received in this funding round, it is a testament to our growing client base and our ability to meet the market needs for better access to payment systems”.
Dan Roberts, managing director at Barclays, said the investment was a continuation of Barclays’ “long track-record in payments innovation”:
“We see Form3 as an enabler for positive change in the payments landscape. Form3 has rapidly deployed services to be a significant challenger to current technology options. We view the emerging Payments-as-a-Service model as complementary to our existing capabilities, offering clients further choice.”