PayPal Ventures co-led a $21 million Series A funding round for Formance, an open-source financial infrastructure provider, on January 29, 2025. This investment supports Formance's expansion across the U.S. and Europe.
Formance offers a programmable Ledger, a transactional database that provides detailed visibility into every transaction and streamlines reconciliation. The company has seen a 10x increase in revenue over the past 12 months.
This strategic investment by PayPal Ventures aims to support the development of sophisticated financial features and flows, allowing companies to build financial products faster with fewer resources. It aligns with PayPal's interest in advancing financial technology.
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