Formance, the Open Source financial infrastructure provider, today announced the successful close of a $21 million Series A funding round co-led by PayPal Ventures and Portage, with participation from Y Combinator, Hoxton Ventures, and AXC. This milestone comes on the heels of a 10x increase in Formance’s revenue over the past 12 months.

Founded in 2021 by Clément Salaün, former payments lead at Selency, and Anne-Sybille Pradelles, ex-COO of cybersecurity startup Alsid, Formance is transforming how developers build financial flows and products. Its core offering is a programmable Ledger — a transactional database that provides detailed visibility into every transaction, and streamline reconciliation, with any type of financial partner.

Historically, building financial infrastructure has been a monumental challenge, requiring extensive engineering, accounting, and compliance expertise. Led by an experienced fintech team from Klarna, FIS, Solaris, and Cockroach DB, Formance simplifies this by providing an Open Source, programmable, and vendor-agnostic solution, allowing companies to move faster with fewer resources.

“Formance enabled us to ship new lending products faster by providing a customizable foundation that let us reliably express the complexities of our flow of funds and domain specifics,” said Tito Sarrionandia, VP of Engineering at Liberis.

Formance serves global customers, including large-scale vertical SaaS platforms, fintechs, and financial institutions - such as Liberis, Booksy, and Btech - which require high levels of scalability, security, and customizability.

"This new funding will fuel Formance’s expansion across the US and Europe and accelerate its vision of transforming its Open Source Ledger into a full-scale platform for building and managing sophisticated financial features," said Anne-Sybille Pradelles, Formance co-founder.