Paris-based fintech startup which develops low code solutions to build payment flows in real-time, FORMANCE has raised $3.1 million. The round was co-led by Hoxton Ventures and Frst and backed by Y Combinator and angel investors, including Revolut’s former VP of global business, Don Hoang, and Silvr’s CRO, Pierre Youenou.
Currently being used in Europe and the U.S., the new funds will be used for product development and expansion of the platform within Europe.
Marketplaces, platforms, and fintech companies must constantly evolve their payment flows to fit market trends, users’ needs, and competitors’ moves. Their growth is closely linked to their capacity to process an increasing volume of transactions and to integrate new payment scenarios, which can become increasingly complex.
Founded in 2021 by Clément Salaün and Anne-Sybille Pradelles, the fintech tackles a segment in the payment value chain which is still painful and for which there is no off-the-shelf solution: the break-down and tracking of the payment flow between pay-ins and payouts. The French startup offers an open-source solution to build, operate and track money movements of any size and shape on a solid system-of-record or ledger.
According to the company, its low-code solution and use cases templates allow online businesses to implement their business strategy to model their payment flows in hours.
Source : Tech.eu