# Formance

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/formance

- Industry: Software
- Headquarters: Paris, France
- Website: www.formance.com
- Total disclosed funding: $19M
- Latest round: Series A (Dec 23, 2024)
- Investors on record: 5

## About

Based in France, and founded in 2021, Formance operates as a financial software company. The company was founded by its COO Anne-Sybille Pradelles, and Clément Salaün. In December 2024, Formance, Inc. raised USD 18.5 million in series A funding co-led by PayPal Ventures and Portage Ventures, with participation from Axeleo, Y Combinator, and Hoxton Ventures. Formance provides an open-source solution for building and managing cash flows. As of 2022, the company has developed four technological API solutions that enable tracking cash flows between pay-ins and pay-outs across numerous organizations. The software is made up of four main components: a low-code basis; customizable templates; a transaction ledger; and real-time transaction tracking tools.

The company plans to use the funds raised in December 2024 to expand its operations across the US and Europe and accelerate the development of its Open-Source Ledger into a comprehensive platform for building and managing financial features.

## Funding rounds

- Series A, Dec 23, 2024, $19M — Y Combinator, Hoxton Ventures, Portage Ventures, Axeleo, PayPal Ventures

## Investors

- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series A
- Hoxton Ventures (https://capitalatlas.ai/funds/hoxton-ventures) — Series A
- Portage Ventures (https://capitalatlas.ai/funds/portage-ventures) — Series A
- Axeleo (https://capitalatlas.ai/funds/axeleo) — Series A
- PayPal Ventures (https://capitalatlas.ai/funds/paypal-ventures) — Series A