Formance
Also a provider — view Formance’s profile →“Can an open-source programmable ledger become the default financial system-of-record that every fintech, neobank, and crypto issuer builds on top of?”
Founded2021
HQParis, France (offices in Paris, London, New York)
FoundersClément Salaün, Anne-Sybille Pradelles
Total raised~$24M+
Latest roundSeries A, January 2025
IndustryInfrastructure / Ledger
The story
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.
Product timeline
2021
Formance founded by Clément Salaün and Anne-Sybille Pradelles in Paris; launches open-source programmable ledger· pivot
2024
Expanded from single ledger product to full Formance platform including Reconciliation, Connectors, and Flows modules· pivot
2025
Raised $21M Series A co-led by PayPal Ventures and Portage Ventures· funding
2025
Announced Tink connectivity partnership for European open banking / bank transaction data· banking
The stack
8 layers disclosed in Formance’s embedded-finance stack
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Unified APIs
in the full report
KYC
in the full report
Crypto
in the full report
Accounting
in the full report
Accounting gap: none
14 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.