By Oliver Smith on Wednesday 16 December 2020
The latest major financial institution to show interest in the fintech.
Payments technology provider Form3 has signed a partnership with, and secured investment from, payments giant Mastercard.
Mastercard’s investment, the size of which has not been disclosed, means the financial giant will join fellow Form3 shareholders Lloyds Banking Group, Nationwide Building Society and VCs 83North and Draper Esprit.
As a reminder, Form3 is working on a new domestic payments network for banks that takes advantage of the latest cloud technology and is in line with upcoming payments regulations.
“Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future,” said Form3 CEO Michael Mueller announcing the partnership with Mastercard today.
The partnership is firmly positioned as a route to scale up Form3’s work internationally, and Mastercard says Form3’s tech is “complementary” to its own real-time payments system.
“The power of cloud-based architecture to safely and securely handle significant payment processing volume in near real-time is now a very real opportunity for large financial institutions. Together with Mastercard we are set to make our global ambitions a reality,” added Mueller.
Just in August Form3 completed its $33m Series C funding round, which was joined by Lloyds and Nationwide.
The fintech also recently became certified as a UK Faster Payments Aggregator with Pay.UK, and today said in 2021 it expects to be handling a “significant percentage” of all UK Faster Payments.
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