Payment processing platform Form3 Financial Cloud has raised $5m in a strategic investment from firms including Barclays, the Angel CoFund, among others.
The cloud-based platform offers an end-to-end payments service for financial institution and FinTech companies. Through the product clients can gain access to FPS, Bacs, CHAPS, SEPA & SWIFT payment solutions, through its API system.
This capital injection will be used to add to its team, continue development within the UK, as well as expanding across Europe and North America.
Form3 also plans to improve its product by allowing clients real-time and interbank payment types. Later in the year the company is set to launch a SEPA real-time service, and a Us real-time in 2018.
Form3 CEO Michael Mueller said, “Our clients quickly see the benefits of our cloud-native platform, often starting with a single payment type to improve their client proposition. There is no roll-out of complex projects with big teams and monolithic payment hubs, gateways, integrations etc. Clients simply subscribe to a payment service and we take care of the rest.
“A low-cost setup and pay as you go commercial model for the first time, makes leading edge payment capability accessible economically for small or very high volumes users. 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.”
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