Form3, a cloud-native payment technology provider for banks and regulated FinTechs, has completed a strategic equity investment round of $33m (£24.8m).

Following its Series B funding round in November 2018, Form3 reports it has now trebled in size and increased its annual recurring revenue by 160%.

The London firm’s API platform delivers technical connectivity and managed services to address payments infrastructure challenges facing banks and Fintechs globally.

It said the new funding will strengthen its cloud-native payment technology, building new functional enhancements and accelerating its global expansion plans in existing and new markets.

The new shareholders include Lloyds Banking Group, Nationwide Building Society and venture capital firm 83North.

European tech VC Draper Esprit has also re-invested following its participation in November 2018.

The firm, which last year was named a FinTech Disrupter by BusinessCloud, has also announced the appointment of ex-Coca-Cola, Vodafone, and RBS Non-Exec Director Penny Hughes CBE to the Board.

The new shareholders join existing investors Angel Co-Fund and Barclays

Michael Mueller, Chief Executive Officer at Form3 said, “Our latest equity round is a testament to our growth and maturity in delivering highly secure, best in class technology for major financial institutions globally.

“Since our inception, our goal is to lead the field in cloud-native payment technology innovation that delivers a flexible, low risk, highly resilient and efficient alternative to legacy payments infrastructure. The big trend is that cloud-native solutions are now becoming part of almost every core strategy for managing mission critical infrastructure among Tier1 banks and Fintechs and we are here to help them implement that.

“Together with our supportive shareholders, Form3 is reshaping payments technology to the next evolution of real-time payment processing without borders.”