Draper Esprit announces participation in a US$160 million Series C funding round in portfolio company and leading platform payment technology provider, Form3. The round was led by new investor Goldman Sachs and brings Form3’s total funding to date to US$220 million. Alongside Draper Esprit other existing investors including Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North also participated.
This investment round comes as Form3 looks to expand into new markets, including the USA. This round of funding will further support Form3’s mission to fundamentally change how technology in banking operates.
Prior to this round Draper Esprit has participated in funding rounds for Form3 in November 2018 and August 2020. Form3 is one of many Draper Esprit Fintech investments lead by partner, Vinoth Jayakumar, who focuses on the backbone and infrastructure of banking, specifically on three key areas of interest have been in fraud, payments and core banking systems.
Michael Mueller, Chief Executive Officer at Form3, commented:
“More and more financial institutions (FI’s) are now happy to place mission critical processes onto a shared platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”
Vinoth Jayakumar, Partner at Draper Esprit, added:
“Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. Its growth over the last four years has been incredible and it continues to provide new and disruptive solutions in an industry desperately in need of modernisation. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs to the journey.”