“Can an open-source programmable ledger become the default financial system-of-record that every fintech, neobank, and crypto issuer builds on top of?”
Formance began in 2021 as an open-source, programmable double-entry ledger aimed at fintech engineers frustrated with rebuilding money-movement cores in-house. In 2024 it expanded from a single ledger product into a broader platform (Connectivity, Reconciliation, Flows), positioning itself as 'the AWS for fintech infrastructure.' The Series A in January 2025 cemented the strategy: sell the ledger + orchestration layer to neobanks, card issuers, lenders, marketplaces, and crypto issuers who want to own their source of truth rather than rent it from a BaaS provider.
Formance uses footprint for KYC and identity verification.
Formance's lending and capital products are provided by liberis.
Formance runs its ledger on Formance (self-operated) and formance.
Formance connects to bank accounts through Tink.
Formance's crypto products run on bastion and Fireblocks.
Formance integrates with Stripe, Adyen, Wise, Fireblocks, Kraken and Tink.
The Embedded Finance Index 2026 maps 8 layers in Formance's stack: Payments / PSP (Stripe and Adyen); Ledger (Formance (self-operated) and formance); Lending (liberis); Open banking (Tink); Unified APIs (Atomic); KYC (footprint); Crypto (bastion and Fireblocks); Accounting (Stripe, Adyen, Wise, Fireblocks and 2 others).
Formance was founded by Clément Salaün and Anne-Sybille Pradelles and is founded in 2021, headquartered in Paris, France (offices in Paris, London, New York).
Formance has raised ~$24M+ in total (latest round: Series A, January 2025).
Get a read on where your own stack stands against Formance and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.