UK-based cloud-native paytech platform Form3 has raked in an undisclosed investment from payments giant Mastercard.
Form3 and Mastercard forged a partnership to provide banks and financial institutions worldwide with access to real time payment infrastructure.
The partnership will allow companies to connect with domestic and international payment platforms more securely.
The latest funding round follows a $33m investment in August 2020 from new backers Lloyds Banking Group, Nationwide Building Society, and 83North.
Founded in 2016, Form3 is an API-led payments technology platform.
It complements Mastercard’s account-to-account paytech that enables real-time and batch payment systems globally.
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Form3 has doubled its workforce this year and aims to continue to expand its team next year as well.
Recently, it was certified as the UK Faster Payments Aggregator with Pay.UK.
In 2021, it anticipates managing a significant percentage of all UK Faster Payments.
Additionally, it aims to offer the full SEPA suite for European payments.
Form3 CEO Michael Mueller 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.”
Mastercard company Vocalink CEO Gregor Dobbie said: “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 is critical that we evolve our solutions and continue to improve transactional speed, convenience and security for all our stakeholders across the world.”