PayPal Ventures Co-Leads $21 Million Investment in Programmable Ledger Builder Formance

Formance, a developer of open-source programmable ledgers for financial flows, has secured $21 million in Series A funding, co-led by PayPal Ventures and Portage Ventures. Other investors include Y Combinator, Hoxton Ventures, and Axeleo Capital.

Founded in 2021 by fintech veterans Clément Salaün and Anne-Sybille Pradelles, Formance offers a transactional database that enhances financial visibility and streamlines reconciliation for businesses working with various financial partners. The company serves global clients such as Doctolib, Liberis, Booksy, and Btech, who require scalable and secure financial infrastructure.

With a team comprising former experts from Klarna, FIS, Solaris, and CockroachDB, Formance has seen a tenfold increase in revenue over the past year. Pradelles emphasized that the new funding will drive expansion across the US and Europe while accelerating the transformation of Formance’s Open Source Ledger into a comprehensive financial management platform.

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