Form3 announces a $160 million funding round led by Goldman Sachs Asset Management
Leading platform payment technology provider Form3 has announced its Series C investment funding of $160 million. The fundraising was led by the Growth Equity business within Goldman Sachs Asset Management and included participation from existing investors. This brings the company’s total fundraising to $220 million.
Form3 said they welcomed new shareholder Goldman Sachs alongside 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.
Form3 CEO Michael Mueller commented, “More and more financial institutions (FI’s) 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.”
Form3 is expected to move into new markets including the USA where it is in advanced conversations with a number of banks. 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, stated, “Financial institutions 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.”