London payments technology company Form3 has raised £116 million in a funding round led by Goldman Sachs.

Founded in 2016, Form3’s mission is to fundamentally change how technology in banking operates through its cloud-native platform. 

The Series C round, which takes its total fundraising to date to $220m, comes as the FinTech holds advanced talks with a number of American banks about expanding into the US.

Draper Esprit also participated in the round along with existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North.

“More and more financial institutions are now happy to place mission-critical processes onto a shared platform,” said Form3 CEO Michael Mueller. “Cloud-native technology is now proven at an industrial scale and confidence is high and growing.

“This announcement marks the beginning of a global roll out for Form3, and the funding required to tackle the next big challenges in payments; how should payments become smart – uniquely possible with our cloud native technology and an exciting new phase to come.”

Vinoth Jayakumar, partner at Draper Esprit, added: “Form3 continues to prove its ability to own and drive a pioneering, innovative narrative in cloud native payments for financial institutions. 

“Its growth over the last four years has been incredible and it continues to provide new and disruptive solutions in an industry desperately in need of modernisation. 

“We are excited to double down on our support for the Form3 team and welcome Goldman Sachs to the journey.”