Cloud-native payment technology provider Form3 has closed a venture debt facility on €23m to support its rapid global expansion.
The venture debt funding was supplied by Atempo Growth. With the funds, Form3 hopes to explore acquisitions, launch into new markets and bolster its product growth.
Form3 is an API-based cloud technology solution developer that helps financial institutions offer mission-critical payments.
It claims to be revolutionising how payments work from channel to payment scheme. It has an enterprise-grade, managed, payment technology platform that can integrate across multiple payment schemes and easily connects into local payment systems.
Its clients include Goldman Sachs, Nationwide, NatWest, Barclays, Lloyds Banking Group, LHV and more.
Speaking on the funding round, Form3 CEO Michael Mueller said, “The current environment is presenting us with new opportunities, both in terms of new markets and potential acquisitions. The Atempo facility will enable us to accelerate our growth and continue to offer market-leading cloud payments solutions to the world’s largest banks.”
Atempo Growth co-founder and investor Luca Colciago added, “We’re delighted to be supporting such a fast-growing and successful company such as Form3. This investment will further support Form3’s journey to provide best-in-class solutions for the world’s biggest financial institutions.”
This debt facility comes a year after Form3 raised $160m in its Series C funding round. The Series C was led by the Growth Equity business within Goldman Sachs and supported by unnamed existing backers.
In other PayTech news, Israel-based Trigo recently raised $100m in an equity financing round. The company aims to transform existing supermarkets into fully autonomous digital stores where feeds from ceiling-mounted cameras and shelf sensors are analysed to generate a “digital twin” of the store.
Another PayTech aimed at retail to recently raise funds was Mason. The company, which aims to become an alternative to Amazon, raised $7.5m in its seed.
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