British Patient Capital has made a £10m investment into Form3, a leading British payment technology company.

The investment is part of Form3’s Series C extension and will see British Patient Capital join existing investors including Visa and Molten amongst others.

The funding will enable Form3 to continue to scale, develop new products and services, and expand into new territories.

Form3 enables major banks and other financial institutions to accelerate their digital transformation and connect to multiple payment schemes via a single scalable platform. Its offering replaces strained legacy software with a robust cloud-native infrastructure that is optimised for real-time payments.

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up.

Tom Haywood, Managing Director, Direct Investments at British Patient Capital, said: “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.”

Benyam Hagos, Chief Financial Officer at Form3 commented: “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.”