French fintech firm Formance, which offers open-source infrastructure for building financial applications, has garnered $21m in a Series A financing round.
The investment, which will support Formance’s market expansion and platform development, was co-led by PayPal Ventures and Portage Ventures.
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Y Combinator, Hoxton Ventures, and Axeleo Capital also contributed to the round.
Formance co-founder Anne-Sybille Pradelles said: “This new funding will fuel Formance’s expansion across the US and Europe and accelerate its vision of transforming its Open Source Ledger into a full-scale platform for building and managing sophisticated financial features.”
Established in 2021 by Clément Salaün, former payments lead at Selency, and Anne-Sybille Pradelles, former COO of cybersecurity startup Alsid, Formance claims to have transformed the way developers create financial flows and products.
The company’s key product is a programmable ledger, a transactional database designed to offer detailed transaction visibility and streamline reconciliation processes with various financial partners.
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By GlobalDataThe challenge of constructing financial infrastructure has traditionally been daunting, demanding vast amounts of engineering, accounting, and compliance knowledge, highlighted the company.
Formance, headed by a fintech team with experience from Klarna, FIS, Solaris, and CockroachDB, addresses this issue by offering an open source, programmable, and vendor-neutral platform, enabling companies to accelerate development with reduced resources.
Serving an international clientele, Formance’s solutions are utilised by a wide range of businesses, including large vertical SaaS platforms, fintech companies, and financial institutions.
Among its customers are Doctolib, Liberis, Booksy, and Btech.
Formance said that the fresh infusion follows a tenfold growth in its revenue over the past year.
Liberis Engineering vice-president Tito Sarrionandia said: “Formance enabled us to ship new lending products faster by providing a customisable foundation that let us reliably express the complexities of our flow of funds and domain specific.”
