About Formance

Formance provides an open-source financial ledger that enables developers to create customizable money flows and manage real-time fund movements across various financial partners. This platform addresses the limitations of legacy financial infrastructures by offering a modular, agnostic solution that enhances scalability and reduces engineering overhead.

```xml <problem> Many companies face limitations with their existing financial infrastructure, struggling with rigid systems that hinder the creation of custom money flows and features. In-house development and integration of additional financial partners can be time-consuming and resource-intensive, while underutilized financial products and inefficient infrastructure can lead to missed revenue opportunities. </problem> <solution> Formance offers an open-source financial core that allows developers to build bespoke flows of funds using their choice of financial partners on an agnostic infrastructure. This platform provides a modular and extensible financial backend, enabling companies to own their financial business logic and connect with various financial providers. By using Formance, businesses can overcome the limitations of legacy systems, scale effortlessly, and unlock additional revenue streams through new financial features. </solution> <features> - Open-source core components with multiple hosting options for ownership and control. - Agnostic abstraction layer that can be plugged with any type of financial provider. - Fully programmable for engineering and payments teams, eliminating vendor roadmap limitations. - Unlimited sub-ledgers for horizontal scalability, allowing for various sharding strategies. - Extensive connectivity through pre-built connectors or the ability to create custom connectors. - SOC 2 Type II and ISO 27001 certifications, ensuring enterprise-grade security. - Support for standard authentication protocols like OAuth, JWT, and OIDC. - Regular penetration testing by third-party security firms. </features> <target_audience> Formance targets companies dealing with money movements at scale, including those in the fintech, payments, and platform economy sectors, as well as engineering and payments teams seeking greater control and flexibility over their financial infrastructure. </target_audience> ```

What does Formance do?

Where is Formance located?

Formance is based in New York City, United States.

When was Formance founded?

Formance was founded in 2021.

How much funding has Formance raised?

Formance has raised 28550000.

Location

New York City, United States

Founded

2021

Funding

28550000

Employees

28 employees

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Formance

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Executive Summary

formance.com 2K+

Founded 2021 – New York City, United States

Funding

Estimated Funding

$20M+

Team (25+)

No team information available.

Company Description

Problem

Many companies face limitations with their existing financial infrastructure, struggling with rigid systems that hinder the creation of custom money flows and features. In-house development and integration of additional financial partners can be time-consuming and resource-intensive, while underutilized financial products and inefficient infrastructure can lead to missed revenue opportunities.

Solution

Formance offers an open-source financial core that allows developers to build bespoke flows of funds using their choice of financial partners on an agnostic infrastructure. This platform provides a modular and extensible financial backend, enabling companies to own their financial business logic and connect with various financial providers. By using Formance, businesses can overcome the limitations of legacy systems, scale effortlessly, and unlock additional revenue streams through new financial features.

Features

Open-source core components with multiple hosting options for ownership and control.

Agnostic abstraction layer that can be plugged with any type of financial provider.

Fully programmable for engineering and payments teams, eliminating vendor roadmap limitations.

Unlimited sub-ledgers for horizontal scalability, allowing for various sharding strategies.

Extensive connectivity through pre-built connectors or the ability to create custom connectors.

SOC 2 Type II and ISO 27001 certifications, ensuring enterprise-grade security.

Support for standard authentication protocols like OAuth, JWT, and OIDC.

Regular penetration testing by third-party security firms.

Target Audience

Formance targets companies dealing with money movements at scale, including those in the fintech, payments, and platform economy sectors, as well as engineering and payments teams seeking greater control and flexibility over their financial infrastructure.