Formance
Formance is a company based in France. Builders in Fintech has recorded 1 equity round for Formance: a series a round of 21,000,000 USD on 29 January 2025.
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Funding history
21,000,000 USD
PayPal VenturesLead, Portage VenturesLead, Axeleo Capital, Hoxton Ventures, Y Combinator
Added · · Weekly update #66
Investors
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Sevan invests in seed startups such as Formance, in small early-stage funds such as ReRail, and in pre-IPO secondaries including OpenAI, Anthropic, SpaceX and Anduril.
Formance builds open-source financial infrastructure, starting with a ledger for complex money movements; it was in Y Combinator's Summer 2021 batch.
Formance was started in April 2021 by Clément as Numary, and he was accepted into Y Combinator as a solo founder.
Formance's ledger is under the MIT licence, can be self-hosted, and Formance stays a pure software provider rather than a regulated one.
Formance's sales cycles run from about three months up to twelve, thanks to a product-led, open-source motion.
Formance raised a seed round of about 4 million at the end of 2021.
In 2024 Formance multiplied its revenue by ten in 11 months and passed 1 million in ARR in October.
Formance raised a 21 million Series A from PayPal Ventures and Portage at the end of 2024, in a process of about two months.
A product priced at 100 in Europe sells for 200–300 in the US and 70–80 in Asia and the Middle East; over 40% of Formance's ARR comes from North America.
Anne-Sybille is moving to New York, and Formance plans to hire more than 20 people by the end of the year.