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Formance Secures $21M Series A to Scale Open Source Financial Infrastructure

Author

Slice of Finance Team
11 Feb

Key Highlights:

  • Formance closes $21M Series A co-led by PayPal Ventures and Portage Ventures.

  • 10x revenue growth in the past 12 months.

  • Programmable Ledger simplifies financial infrastructure for fintechs, SaaS platforms, and financial institutions.

  • Global customers include Doctolib, Liberis, Booksy, and Btech.

  • Expansion planned across the US and Europe.

Source: Direct

Notable Quotes:

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"Formance enabled us to ship new lending products faster by providing a customizable foundation that let us reliably express the complexities of our flow of funds and domain-specific needs."

Tito Sarrionandia, VP of Engineering at Liberis
❝

"Formance is the foundation of our Financial OS, enabling us to build new financial products for practitioners using Doctolib ERP. The Open-Source approach ensures control and ownership over this key component."

Ludovic Quintard, Senior Engineering Manager at Doctolib
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"This new funding will fuel Formance’s expansion across the US and Europe and accelerate its vision of transforming its Open Source Ledger into a full-scale platform for building and managing sophisticated financial features."

Anne-Sybille Pradelles, Co-founder at Formance

Why This Matters:

Building financial infrastructure has historically required significant engineering, accounting, and compliance expertise. Formance's Open Source Ledger removes these complexities, allowing fintechs and enterprises to develop financial products faster and more efficiently. With backing from major investors like PayPal Ventures, Formance is poised to become a key player in modernizing financial operations worldwide.