Form3 has completed a strategic equity investment round worth $33 million.

Following its Series B funding round in November 2018, the cloud-native payment technology provider has trebled in size.

New shareholders include Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North. Draper Esprit has also re-invested following its participation in the previous round. They join existing investors Angel Co-Fund and Barclays.

Form3 has also brought Penny Hughes on as a non-executive director. She has been a director at brands like Coca-Cola, Vodafone and Reuters, and more recently a non-executive director at RBS and chair of Aston Martin.

The new funding will strengthen the firm's technology, building functional enhancements and accelerating a global expansion plan into existing and new markets.

In the last year, the company grew from 50 to 140 people in 14 countries, expanding in Europe with a regional Amsterdam hub.

Chief executive Michael Mueller commented: “Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient and efficient alternative to legacy payments infrastructure.

"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."

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.”

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