Cloud payments technology provider Form3 has secured a partnership with Mastercard, which will also invest in the company.

Form3 and Mastercard say they will together help banks and financial institutions around the world connect with domestic and international payment platforms “more seamlessly, reliably and securely”.

The additional funding from Mastercard follows the $33m raised by Form3 this August from Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North.

Founded in 2016, Form3 has built a cloud-native, API-driven payments technology platform to enable financial institutions to securely and efficiently run and scale their critical payments infrastructure through a fully managed service.

Form3’s capabilities are complimentary to Mastercard’s own account to account payments technology that supports real-time and batch payment systems globally.

This year, Form3 says it has doubled its headcount and next year will see the same, it said.

It recently announced it has become a certified UK Faster Payments Aggregator with Pay.UK, and in 2021 expects to be handling a “significant percentage” of all UK Faster Payments as well as offering the complete SEPA suite for European payments.

Michael Mueller, chief executive at Form3, said: “Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future.

“The power of cloud-based architecture to safely and securely handle significant payment processing volume in near real-time is now a very real opportunity for large financial institutions.”

Gregor Dobbie, chief executive of Vocalink, a Mastercard company, will be taking a seat on Form3's strategic advisory board. He said: “This partnership will directly deliver against our multi-rail strategy to enhance more payment flows for our customers.

“In today’s rapidly changing payments landscape it’s critical that we evolve our solutions and continue to improve transactional speed, convenience and security for all our stakeholders across the world.”

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