Formance, the innovative developer of an open-source programmable ledger for managing financial flows, has successfully secured $21 million in a Series A funding round. This round was co-led by PayPal Ventures and Portage Ventures, with additional contributions from notable investors including Y Combinator, Hoxton Ventures, and Axeleo Capital.
Founded in 2021 by Clément Salaün, the former payments lead at Selency, and Anne-Sybille Pradelles, who previously served as COO of cybersecurity startup Alsid, Formance offers a sophisticated transactional database designed to enhance visibility across all transactions and streamline reconciliation processes with various financial partners.
The company boasts a seasoned fintech team hailing from industry leaders such as Klarna, FIS, Solaris, and CockroachDB. Serving a diverse global clientele—including influential vertical SaaS platforms, fintech companies, and financial institutions such as Doctolib, Liberis, Booksy, and Btech—Formance meets the critical demands for scalability, security, and ownership.
This new funding arrives on the back of an impressive tenfold increase in revenue over the past year. Pradelles stated, “This investment will support Formance’s growth in the US and Europe, propelling our goal of evolving our Open Source Ledger into a comprehensive platform for developing and managing advanced financial features.”