Payments technology startup Form3 has raised £10.1 million in Series B funding led by Barclays, Angel CoFund and FinTech backer Draper Esprit.
The payments-as-a-service (PaaS) firm, started in London in 2016, provides cloud-based payments processing for banks and regulated FinTechs including Tandem Bank, Starling and N26.
Form3 will use the funding to build its presence in the UK and Europe, along with expanding into international markets.
The company also plans to grow the number of banks, payment institutions, card payment processors and FinTechs using its integrated APIs and cloud infrastructure.
Michael Mueller, founder and chief executive of Form3 and former head of cash management at Barclays, said the investment reflected the long-term potential of the businesses and that he remained “clearly focussed” on lowering the barriers for better access to payment systems.
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