Form3 secures $33 mn from Lloyds Banking Group, Nationwide & 83North

By Megha Bhattacharya

UK-based payment technology provider, Form3, has completed a strategic equity investment round of $33 million with new shareholders, including Lloyds Banking Group, Nationwide Building Society, and venture capital firm, 83North along with the participation of existing investor Draper Espirit. The new shareholders join existing investors Angel Co-Fund and Barclays.

According to Form3, the new funding is expected to boost its payment technology, help in building functional enhancement, and speed up its global expansion plans in existing and new markets.

Michael Mueller, Chief Executive Officer at Form3, said, “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally.  The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission-critical infrastructure among Tier1 banks and FinTechs, and we are here to help them implement that.

The company has also appointed Penny Hughes CBE to its Board as a Non-Executive Director. Hughes, previously, has been a Director at Coca-Cola, Vodafone, Reuters, and was a Non-Executive Director at RBS and Chair of Aston Martin.

John Chambers, Group Chief Information Officer at Lloyds Banking Group commented, “Our new strategic partnership, alongside the additional investment announced today, will provide us with the opportunity to implement a cloud-native, real-time payment platform to meet our customers’ evolving needs.”

Claire Tracey, Chief Strategy and Sustainability Officer, Nationwide Building Society, said, “We are delighted to invest in Form3 as part of our ongoing venturing programme. We look forward to working with Form3 as we continue to explore technology, which will help us develop even more payment functionality for our 16 million members in the future.”

Recently, Lloyds Banking Group announced that it has entered into a partnership with cloud-based Form3 in a bid to speed up and enhance the digital customer experience.