Form3 secures €23m in venture debt funding

Cloud-native payment technology provider Form3 has secured a €23m venture debt facility.

The company plans to use the funds to continue its global expansion following its $160m Series C funding round led by Goldman Sachs last year.

Atempo Growth provided the venture debt funding to explore acquisitions, launch in new markets and support new product growth.

“The current environment is presenting us with new opportunities, both in terms of new markets and potential acquisitions,” Form3 CEO Michael Mueller said.

“The Atempo facility will enable us to accelerate our growth and continue to offer market-leading cloud payments solutions to the world’s largest banks.”

Founded in 2016, it set out to “revolutionise” the world of payment processing and to disrupt the traditional payment infrastructure model.

Now, institutions including Goldman Sachs, Lloyds Bank and Nationwide currently use Form3’s API-based cloud technology solutions.

It will use the funding from Atempo, which has invested in Santander, the British Business Bank and the European Investment Bank, for new market activity and further growth in products and potential acquisition.

“This investment will further support Form3’s journey to provide best-in-class solutions for the world’s biggest financial institutions,” Atempo Growth co-founder and investor Luca Colciago said.