Form3 Financial Cloud raises $33m for payment technology solutions

Back Office Technology, trading as Form3 Financial Cloud, a London-based fintech company, has raised $33 million in a new funding round for its cloud-native payment technology solutions.

Following a Series B funding round in November 2018, Form3 Financial Cloud is said to have trebled in size and boosted its annual recurring revenue by 160%.

The new shareholders in the payment technology company are Lloyds Banking Group, venture capital firm 83North, and Nationwide Building Society. Draper Esprit, which took part in the Series B round, has also re-invested in Form3 Financial Cloud. The other existing investors of the UK fintech company are Angel Co-Fund and Barclays.

John Chambers – Lloyds Banking Group Chief Information Officer said: “As part of our ongoing digital transformation we are committed to providing banking services that are simple and easy to use.  Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud native, real-time payment platform to meet our customers’ evolving needs.”

Form3 Financial Cloud raises $33m for payment technology solutions

Form3 Financial Cloud’s cloud-native, API platform is said to provide technical connectivity and managed services to solve critical payments infrastructure challenges experienced by banks and fintech companies across the world.

The company said that the funding will bolster its cloud-native payment technology, and help in building substantial functional improvements and fast-tracking its global expansion plans in existing and new markets.

Michael Mueller – CEO of Form3 Financial Cloud said: “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally. Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient and efficient alternative to legacy payments infrastructure.

“The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission critical infrastructure among Tier1 banks and Fintechs and we are here to help them implement that.”