The Board of Banking Competition Remedies Ltd (BCR) has announced today that Form3 in partnership with Ebury Partners are awarded £5m funds of the Capability and Innovation Fund Pool D grant.
The grant will support Form3 and Ebury in building the first API-based global transaction platform for UK SMEs, to be distributed at scale through Financial Institutions (FIs).
Form3 and Ebury are two highly innovative, fast-growing and cloud-native UK FinTech companies, whose models are designed to scale rapidly and provide substantial benefits to SMEs by offering them access to their global transaction platform.
This funding announcement is one of the 5 innovative projects that have been awarded the BCR Pool D funds out of 60 applications received.
Combining Form3’s powerful APIs and Ebury’s sophisticated currency management, trade finance, payment and collection capabilities will enable a wide range of new and existing Financial Institutions providers in the SME space to offer services that traditionally only global institutions have been able to offer to their corporate customers. As a result, SMEs will be able to procure better services at lower costs from a wide range of FIs, fully integrated by their relationship bank.
Form3 and Ebury are already driving the transformation of financial services in the UK and globally and proved their ability to work together to bring innovative solutions to the market when Ebury became the first ever non-bank participant to join the Faster Payments Scheme in March 2018 building on Form3 native-cloud technology.
Commenting on the announcement, Michael Mueller, CEO of Form3 said, “Form3’s FI API payment technology and Ebury’s global SME transaction services are already disrupting payments and forex. Our plan is to combine these unique capabilities to significantly disrupt the market and give UK SMEs access to these services at scale through our FI clients, enabling UK SMEs to grow their businesses internationally and focus on their core businesses.”
Juan Lobato, Ebury CEO said“ The Form3 and Ebury global transaction platform will accelerate the transformation of the finance function for SMEs trading internationally.”