Formance

Formance

Open-source programmable ledger and payments platform

Overview

Formance builds open-source, programmable financial infrastructure for fintechs, marketplaces, and large vertical SaaS platforms. Its core is a programmable Ledger, a transactional database that serves as a single source of financial truth, enabling real-time balances, audibility, and easy reconciliation. The Formance Platform includes four integrated components—Ledger, Connectivity, Flows, and Reconciliation—allowing users to connect to preferred financial service providers and orchestrate end-to-end money movements such as payments, wallets, and fund flows. It offers flexible deployment options: fully managed Formance Cloud, a hybrid setup, or self-hosted installations, to fit different regulatory and operational needs. How it stands out is its open-source, vendor-agnostic approach, a bi-temporal ledger and modular toolset designed to manage complex money flows and financial workflows with full visibility.

YC Company
Significant Headcount Growth

About Formance

Simplify's Rating
Why Formance is rated
B+
Rated B on Competitive Edge
Rated A on Growth Potential
Rated B on Differentiation

Industries

Data & Analytics

Enterprise Software

Fintech

Company Size

51-200

Company Stage

Series A

Total Funding

$30.9M

Headquarters

Paris, France

Founded

2021

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Simplify's Take

What believers are saying

  • Formance closed a $21 million Series A on January 29, 2025, led by PayPal Ventures.
  • Management said revenue grew 10x over the prior 12 months, signaling strong demand.
  • The 2025-2026 GitHub footprint shows 64 repositories, reinforcing developer traction and ecosystem depth.

What critics are saying

  • Stripe, Adyen, and Modern Treasury compress Formance's pricing power in core ledger workflows.
  • New York expansion from the 2025 Series A strains execution if enterprise sales lag.
  • Open-source code can be forked, turning community adoption into a direct competitor pipeline.

What makes Formance unique

  • Formance's open-source ledger gives fintechs a programmable system of record, not a black box.
  • The 2024 Platform added Connectivity, Flows, and Reconciliation for end-to-end money orchestration.
  • Customers like Doctolib, Liberis, and Booksy validate cross-border fintech use cases.

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Funding

Total Funding

$30.9M

Above

Industry Average

Funded Over

5 Rounds

Notable Investors:
Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.
Series A Funding Comparison
Above Average

Industry standards

$15M
$8.2M
Discord
$15M
Canva
$21M
Formance
$30M
Kalshi

Benefits

Health Insurance

Unlimited Paid Time Off

Hybrid Work Options

Company Equity

Company Social Events

Growth & Insights and Company News

Headcount

6 month growth

3%

1 year growth

10%

2 year growth

0%
PYMNTS
Jan 30th, 2025
This Week In B2B: Central Bank Best Practices, Ai Agents, Fintech Innovation

The future of corporate finance is shifting from reactive to predictive, and that’s great news for B2B innovation. This rapid and ongoing shift toward advancements in digitization, real-time payments and next-generation tools such as artificial intelligence (AI)-powered forecasting is redefining how businesses manage core operational elements like liquidity and working capital. For chief financial officers (CFOs) and treasurers, the question is no longer if they should embrace innovation but how quickly they can implement solutions that enhance financial resilience. As uncertainty persists, tomorrow’s corporate giants won’t just be the ones with the biggest balance sheets — they’ll be the ones with the smartest financial infrastructure and operational toolkit

PYMNTS
Jan 30th, 2025
3 Ways Fintechs Are Transforming B2B Payments

Venture capital and FinTech are known for making big, and often risky, bets. That has been the traditional story for years, and one that kept B2B frequently lagging behind the consumer marketplace in terms of innovation. However, against an uncertain and dynamic operating backdrop, money and innovation are increasingly flowing to the enterprise back office thanks to a rising generation of FinTechs and startups focused on areas like accounts payable and receivable automation, cyber security, working capital solutions and more. Even corporate event planning is getting the startup treatment, with Paris-based business planning startup Naboo announcing a $21 million Series A funding round Wednesday (Jan. 29)

TechCrunch
Jan 29th, 2025
Formance raises $21M to build the AWS for fintech infrastructure | TechCrunch

If you talk to a fintech entrepreneur about their business, chances are they’ll end up talking about ledger issues at some point. A ledger is a record of

U.S. Securities and Exchange Commission
Dec 31st, 2023
SEC FORM D

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.The reader should not assume that the information is accurate and complete.

The Paypers
Dec 7th, 2023
Formance raises $21M in Series A

Formance, a France-based Open Source financial infrastructure provider, secured $21 million in a Series A funding round co-led by PayPal Ventures and Portage Ventures, with participation from Y Combinator, Hoxton Ventures, and Axeleo Capital. This follows a tenfold revenue increase over the past year. The funds will support Formance's expansion in the US and Europe and enhance its Open Source Ledger platform.

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