Cloud-native account-to-account (A2A) payments platform Form3 has raised $60 million in Series C extension funding, having secured new investment from British Patient Capital, alongside existing strategic and financial investors, including Visa.

Form3 will use the injection of funding to develop new products and services that support its growth in markets such as the UK, Europe, and the US.

Benyam Hagos, chief financial officer at Form3 said: “British Patient Capital’s investment enables Form3 to continue to deliver mission-critical infrastructure technology for the world’s most established banks and financial institutions.”

British Patient Capital is a commercial subsidiary of British Business Bank, which is the UK government’s economic development bank.

It launched in June 2018 and now has more than £3 billion of assets under management, and specialises in investing in venture and venture growth capital to support high-growth potential UK businesses.

Tom Haywood, managing director, direct investments at British Patient Capital, added: “Form3 has built a leading solution for a challenge that banks worldwide are facing: how to transition to a modern, future-proof payments infrastructure.

“We are delighted to support them as they take the next steps in their growth journey.”

In September 2023, Visa announced it had invested in Form3 to “grow confidence” in real-time A2A payments.

The partnership means that Form3 could provide Visa’s clients with access to its payments platform to enable them to modernise their payments offering and infrastructure.

Earlier this year, Form3 launched an authorised push payment (APP) fraud prevention solution in the UK, which is enabled by Feedzai’s technology.

The solution, which was due to be fully rolled out across the UK this Summer, offers payment service providers inbound and outbound payment fraud intelligence in one solution.

Further reading: Visa to ‘upgrade’ Pay by Bank experience with UK launch of Visa A2A