Form3 Raises $60 Million to Expand Account-to-Account Platform

Form3 completed a $60 million Series C extension and said it will use the new funding to develop new products and services and support the growth of its cloud-native account-to-account (A2A) platform in the United Kingdom, Europe and the United States.

The company’s newest investor, British Patient Capital, joins a group of existing strategic and financial investors that includes Visa, Form3 said in a Tuesday (Sept. 10) press release.

“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,” Benyam Hagos, chief financial officer at Form3, said in the release.

Tom Haywood, managing director of direct investments at British Patient Capital, said in the release: “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’s platform integrates across multiple payment schemes and connects into the user’s payment systems with ease, according to the release.

Visa’s investment in Form3 was announced in September 2023, with the companies saying that the partnership would combine Form3’s financial crime orchestration service with Visa’s deep-learning artificial intelligence and real-time risk scoring to help financial institutions’ clients manage the risk of sending and receiving real-time A2A payments.

“A2A payments continue to grow in key segments and markets and Visa and Form3’s partnership will look to offer modern cloud-native access to real-time payment infrastructures,” Jack Forestell, chief product and strategy officer at Visa, said at the time in a press release.

With the emergence of real-time payments, the ways and means by which payments are examined are changing, Laura Sullivan, senior product manager at Form3, told PYMNTS in an interview posted in April.

The new, faster schemes allow banks to hold payments if they have scanned those transactions and suspect that there may be an issue with those payments. But they can’t hold a payment to scan it, Sullivan said.

End-to-end managed services help ensure that banks satisfy messaging requirements and sanctions screenings so that funds can become available to transacting parties in real time, she added.

“Managed services offer you the technology and the ability to interface in real time with the various vendors that support fraud and sanctions screening,” Sullivan said.