Form3 and Mastercard Form Partnership to Support Access to Real-time Payment Infrastructure
- 16.12.2020 08:36 am
Form3, the leading cloud-native payment technology provider has secured a partnership with and investment from global payment technology leader Mastercard. Together, Form3 and Mastercard will help banks and financial institutions around the world connect with domestic and international payment platforms more seamlessly, reliably and securely.
The additional funding follows $33m raised in August this year from new investors; Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North.
Founded in 2016, Form3 has built a cloud-native, API led payments technology platform to enable financial institutions to securely and efficiently run and scale their critical payments infrastructure through a fully managed service. Form3’s capabilities are complimentary to Mastercard’s leading account to account payments technology which supports real time and batch payment systems globally.
Michael Mueller, Chief Executive Officer at Form3 said, “Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future. The power of cloud-based architecture to safely and securely handle significant payment processing volume in near real-time is now a very real opportunity for large financial institutions. Together with Mastercard we are set to make our global ambitions a reality.”
Gregor Dobbie, CEO of Vocalink, a Mastercard Company, commented,
“This partnership with Form3 will directly deliver against our multi-rail strategy to enhance more payment flows for our customers. In today’s rapidly changing payments landscape, it’s critical that we evolve our solutions and continue to improve transactional speed, convenience and security for all our stakeholders across the world.”
This year alone Form3 has doubled its headcount and next year will follow a similar trend. Form3 recently announced it has become a certified UK Faster Payments Aggregator with Pay.UK and in 2021 expect to be handling a significant percentage of all UK Faster Payments as well as offering the complete SEPA suite for European payments.
Following Mastercard’s investment, Gregor Dobbie will join Form3’s Strategic Advisory Board.