Formance Raises $21 Million for Modular Fintech Infrastructure

Formance, an open-source financial infrastructure provider, has successfully raised $21 million in a Series A funding round, co-led by PayPal Ventures and Portage Ventures. This funding comes after a remarkable 10x increase in revenue over the past year, as the company aims to expand its programmable Ledger and transform it into a comprehensive platform for financial operations. The solution is designed to simplify the development of financial flows, enabling companies to operate faster and more efficiently. With five core products already available, including a mass payouts solution, Formance is evolving from a single ledger product to a modular platform that integrates various financial services. Key users such as Doctolib and Liberis have praised the platform for its ability to streamline their financial processes. The investment will further accelerate Formance's growth across the U.S. and Europe.