Form3 bags $60m Series C extension with new investor British Patient Capital
Form3 has closed its Series C extension at $60 million while picking up British Patient Capital, the commercial subsidiary of British Business Bank (a state-owned economic development bank established by the UK Government), as a new investor.
Form3 raises $60 million Series C extension
The UK-based paytech says it will use the funding for product and service development, with a specific focus on supporting “exponential growth in key markets”.
Its statement pinpoints these key markets as the UK, Europe, and the US, where it completed certification for the Federal Reserve’s FedNowSM instant payment system in 2023.
The raise builds upon a $160 million Series C secured by Form3 in 2021, which was supported by existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, and Mastercard, with Goldman Sachs as lead investor.
This was followed by an undisclosed investment from Visa, which was delivered this time last year as part of the pair’s commercial partnership.
Form3 CFO Benyam Hagos says the additional support from British Patient Capital, which manages more than £3 billion in assets, will enable the paytech to continue to deliver “mission-critical infrastructure technology”.
Launched in 2016, the platform processes account-to-account (A2A) payments for banks and financial institutions in real time, including Klarna, which adopted Form3’s Payments-as-a-Service (PaaS) technology last year for instant payment capabilities across Europe.
