Open source financial infrastructure provider start-up Formance has raised $21 million in a Series A funding round to scale its core ledger technology into new international markets.Formance raises $21m Series APayPal Ventures and Portage Ventures co-led the round, with additional backing from Axeleo Capital, Y Combinator and Hoxton Ventures. This funding comes amid a reported tenfold increase in Formance’s year-on-year revenue.Founded in 2021 and headquartered in New York, the start-up provides a set of APIs designed to help developers build financial flows and products for money movement, supporting a programmable ledger, and connectivity, financial flow and reconciliation services.Notable clients include digital banking platform Getmomo, embedded finance platform Liberis, and Wahed, a Shariah-compliant digital investment platform.The funding will be used to “fuel Formance’s expansion across the US and Europe”, according to a statement from co-founder Anne-Sybille Pradelles, while developing its open source ledger into “a full-scale platform for building and managing sophisticated financial features”.
Ven. Gen 31st, 2025
