Payment platform Form3  has announced its Series C investment funding of $160m (£115m), led by Goldman Sachs Asset Management and included participation from existing investors. The company’s total fundraising is now at $220m (£159m).

Form3’s other investors include Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard, 83North and Draper Esprit.

Michael Mueller, chief executive at Form3 said: “More and more financial institutions are placing mission critical processes onto a platform. Cloud-native technology is now proven at an industrial scale and confidence is high and growing. This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments;  how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”

Form3 is hoping to use the funds to aid its expansion into new markets such as the US, where the company is currently in talk with a number of banks.

James Hayward, Managing Director in the Growth Equity Business within Goldman Sachs Asset Management, commented: “Financial institutions are increasingly turning to modern, cloud-based technologies in order to handle growing payment volumes efficiently and in real-time. We are delighted to be leading this investment round and look forward to working together with Form3 and other shareholders to help realise their ambitious global roadmap and strategic growth plan.”

Founded In 2016, Form3 now employs over 260 people in 22 countries and is  trusted by some of the UK and Europe’s biggest banks. In 2021, Form3’s annual recurring revenue grew by 233%.

Vinoth Jayakumar, Partner at Draper Esprit said; “Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. We are excited to double down on our support for the Form3 team and welcome Goldman Sachs and 83North to the journey.”