NEWS
NEWS
PayPal Ventures invests in Formance
Formance , the Open Source financial infrastructure provider , has announced the successful close of a US $ 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 10 times 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 . 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 customisability .
“ 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 .
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 customisable foundation that let us reliably express
Saving for a sunny day : UK adults save far more for the things they want than the things they need
Over one-third of UK Adults say they have £ 25,000 or more in cash savings , according to new research from Starling Bank , and it seems that putting money aside for life goals is the key to building up a savings pile .
36 % of UK adults have built up cash savings of at least £ 25,000 , with 17 % having £ 50,000 or more . And it ’ s not just an older generation sitting on a cash pile – almost 31 % of 18 – 24 year olds are in the £ 25,000 + club . However , nearly a quarter ( 23 %) has less than £ 500 in total savings , with exactly half ( 50 %) having less than £ 250 in an emergency fund for unexpected expenses .
According to clinical psychologist Dr Jenna Vyas-Lee , when people have specific , positive things they want to save for , they put money aside considerably faster , a phenomenon she describes as ‘ Saving for a Sunny Day ’. However , saving can be harder without something specific to save for . The monthly sum going into an emergency fund is £ 183 , covering everyday essentials such as repairs , bills , and medical expenses .
Yet those saving for a holiday say they are able to put an average of £ 316 a month aside and £ 409 when saving for a new car . Those saving for a wedding put away £ 371 a month for the big day , while those looking for a new wardrobe put away £ 213 for clothes .
The size of funds when saving for a clear goal were also bigger . A fund for those putting money aside for a holiday had an average of over £ 1,300 in it , compared to £ 987 for home improvements . A new car fund had an average of £ 1,594 , versus £ 180 for money set aside for rental deposits .
Dr Vyas-Lee said : “ Despite its importance , saving can seem like a chore . As with so many things , focusing on a positive goal can change behaviour , and language is key . So instead of ‘ Emergency Expenses ’, try ‘ Peace of Mind Pot ’. No more ‘ Painting Fund ’, hello ‘ Interior Improvement .”
10 www . intelligentfin . tech