Back Office Technology (t/a Form3) secures £116 million Series C investment led by Goldman Sachs Asset Management

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Form3, the leading platform payment technology provider, has today announced its Series C investment funding of $160 million. The fundraising was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and included participation from existing investors. This brings the company’s total fundraising to $220 million.

Form3 welcomes new shareholder Goldman Sachs alongside existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit. Form3 has seen unprecedented growth since launching its cloud-native payment technology platform in 2017 with a mission to fundamentally change the way that technology in this key industry operates. 

Michael Mueller, Chief Executive Officer at Form3 commented,

“More and more financial institutions (FI’s) are placing mission critical processes onto a 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.” 

Form3 is expected to move into new markets including the USA where it is in advanced conversations with a number of banks.  An ambitious strategic roadmap across geographies and within its platform functionality will further propel Form3 into pole position as a leading global player in platform payment technology. 

James Hayward, Managing Director in the Growth Equity Business within Goldman Sachs Asset Management, commented:

“Financial institutions are increasingly turning to modern, cloud-based technologies in order to handle growing payment volumes efficiently and in real-time. We are delighted to be leading this investment round and look forward to working together with Form3 and other shareholders to help realise their ambitious global roadmap and strategic growth plan.” 

Vinoth Jayakumar, Partner at Draper Esprit said;

“Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs and 83North to the journey.”

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About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021.

Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

About Form3 

Form3 design, build and run the technology that powers the future of payments.

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 UK and Europe’s biggest Tier1 banks and fastest-growing FinTech’s to handle their critical payments architecture.

Form3’s annual recurring revenue in 2021 grew by 233% and now employs over 260 people in 22 countries.

Form3 has been awarded Best Cloud Payments Platform 2021 by Paytech and Fintech Finance, most influential fintech company in 2021 by The Financial Technologist and ranked in the Top European Fintechs to watch by Sifted 2020.  Follow us on Twitter @f3fincloud and LinkedIn  

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