Payments firm Form3 secured a boost to its finances this week via an investment from British Patient Capital, the UK’s largest domestic investor.
The investment forms part of Form3’s Series C funding extension. The firm has already built up an investor-base of notable payments stakeholders, including global card issuing leader Visa and fintech-focused investment firm Molten.
British Patient Capital believes the funding will support Form3’s ambitions to scale, develop new products and services and expand into new territories. The funding comes off the back of a series of partnership’s Form3 has secured after the past several months.
Benyam Hagos, Chief Financial Officer at Form3, added: “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.”
Form3’s focus is on the digitisation of payments, offering multi-payment schemes via a single platform to financial institutions and banks. Its client base includes large, traditional banks and financial institutions, as well as challengers Mastercard, Lloyds Banking Group, Ebury, LHV, PPS, N26, Square and Aion Bank.
More recently, the London-headquartered company has been focusing on fraud reduction and prevention. The firm has embarked on two partnerships this year concerning anti-fraud, with Feedzai in March and Currencycloud in May.
More broadly, the investment showcases the potential of and interest in the UK fintech sector as an investment opportunity. According to data from KPMG, funding into UK fintech rose 192% year-over-year from $2.5bn in H1 2023, to $7.3bn in H1 2024.
Tom Haywood, Managing Director, Direct Investments, British Patient Capital, said: “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.”
