Formance Raises $21M to Build the 'AWS for Fintech Infrastructure'
Fintech companies struggling with ledger management? Formance raises $21M to build the "AWS for fintech infrastructure."
Matilda
Formance Raises $21M to Build the 'AWS for Fintech Infrastructure'
Formance, a French startup, has raised $21 million in Series A funding to build a modular platform for fintech infrastructure. The round was co-led by PayPal Ventures and Portage, with participation from existing investors Y Combinator, Hoxton Ventures, and Axeleo. Formance aims to address the challenges faced by fintech companies in managing their financial ledgers. As companies grow and utilize multiple bank accounts, payment processors, and funds spread across various services, maintaining a clear and accurate record of all transactions becomes complex. Many companies dedicate significant engineering resources to build their own internal ledgers to solve this problem. Formance initially offered an open-source, programmable financial ledger that could track all assets moving in and out of a company's accounts. However, the company has now expanded its offerings to become a comprehensive fintech infrastructure platform. Formance's platform currently includes five key products: Le…
