Form3 Successfully Completes $60m Series C Extension, with New Investment from British Patient Capital and Existing Shareholders

New investment will enable Form3 to continue its growth journey, develop new products and services, and expand into new territories

LONDON , Sept. 10, 2024 /PRNewswire/ -- Form3, the cloud-native account-to-account platform, today announces a new investor, British Patient Capital. Alongside existing strategic and financial investors including Visa, Form3 has now raised a total of $60m in C-series extension funding to continue its growth journey.

This funding will enable Form3 to develop new products and services to help support exponential growth in key markets such as the UK, Europe and the US.

Benyam Hagos, Chief Financial Officer, Form3 says: "British Patient Capital's investment enables Form3 to continue to deliver mission-critical infrastructure technology for the world's most established banks and financial institutions."

Today's funding announcement follows Visa's recent investment in Form3 and its cloud-native account-to-account platform. Form3's vision for the future of next-generation payments infrastructure is supported by major strategic players, including Visa.

Tom Haywood, Managing Director, Direct Investments, British Patient Capital, said: "Form3 has built a leading solution for a challenge that banks worldwide are facing: how to transition to a modern, future-proof payments infrastructure. We are delighted to support them as they take the next steps in their growth journey".    

Form3 is the account-to-account platform. Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Today, Form3 is trusted by some of the UK's and Europe's biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been included in the 2024 Lazard T100 Index and was listed in the 2024 Top 100 Scale-ups in Europe. The company has also been awarded PayTech of the Year and Team of the Year for Form3's Engineering Team at the UK Fintech Awards 2024, Team of the Year at the Paytech Awards 2024, Engineering Team of the Year at the Europe Fintech Awards 2024 and Best Scam/APP Prevention Innovation at the Datos Insights Impact Awards 2024. 

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government's economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Form 3.

SOURCE Form3