Co-led by PayPal Ventures and Portage Ventures, Formance’s USD 21 million funding round also saw participation from Y Combinator, Hoxton Ventures, and Axeleo Capital. According to Formance, the announcement follows a tenfold increase in its revenue over the past 12 months. Since the start of its operations in 2021, the company has been focusing its efforts on optimising how developers create financial flows and products.
As part of its core offering, Formance delivers a programmable Ledger, a transactional database that includes detailed visibility into transactions and simplified reconciliation with any type of financial partner. Additionally, the company augments the process of building financial infrastructure by offering an Open Source, programmable, and vendor-agnostic solution, enabling companies to accelerate their development with minimal resources.
This funding round comes over two years after Formance obtained USD 3.1 million in pre-seed. At that time, the company planned to expand its product offering and onboarding additional marketplaces and fintech companies. Formance was targeting startups and small and medium-sized enterprises (SMEs) but planned to begin working with enterprise customers as part of its 2022 development strategy.
At the time of writing, Formance was delivering its solutions to global customers, including large-scale vertical SaaS platforms, fintech companies, and financial institutions. Among its users, the company mentions Doctolib, Liberis, Booksy, and Btech. Formance centres its efforts on serving their needs, demands, and preferences, equipping them with scalability, security, and ownership.
With the newly acquired capital, Formance intends to further advance its expansion across the US and Europe, as well as to accelerate its commitment to improving its Open Source Ledger into a full-scale platform for building and managing financial features.
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