Formance, a French fintech startup that provides organisations with a "low-code" template for tracking payment flows in real time, has secured $3,1 million from Hoxton Ventures, Frst, Y Combinator, and a number of business angels. 

Fomance, which was founded in 2021 by Clément Salaün and Anne-Sybille Pradelles, provides pre-built, fully-customizable use-case templates for the tracking of financial flows between pay-ins and payouts. 

The package, which includes an open source modelling language and ledger as well as a library of pre-built use cases, is aimed to assist developing firms in tracking rising quantities of cash flows and adapting to take advantage of emerging business opportunities. 

The company also provides finance and operational teams with subscription-based real-time transaction tracking solutions that enable the reconciliation of incoming and outgoing payments and the discovery of transaction-related issues. 

The company is now testing its package with an unnamed fintech company, and intends to utilise the funds to pursue a number of pipeline possibilities among SMEs and marketplace enterprises.