French PayTech Formance rakes in $3.1m

Formance, a company that offers companies a low-code template for tracking payment flows, has reeled in $3.1m in funding.

The round saw participation from Hoxton Ventures, Frst, Y Combinator and a range of different business angels.

Established in 2021, Formaance provides pre-built, fully customisable use-case templates to help users to track payment flows between pay-ins and payouts.

According to Finextra, the package – which features an open-source modelling language and ledger and a library of pre-built use cases – is designed to help companies keep track of increasing volumes of money flows and pivot to take advantage of new opportunities as they arise.

Formance is currently piloting its package with an undisclosed FinTech and claims it plans to use the new funds to chase up a number of pipeline prospects among SMEs and marketplace businesses.

Germany-based investment API developer Upvest recently collected $42m in its Series B funding round.

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