Form3 poaches senior Swift exec to drive US expansion

UK-based paytech firm Form3 is expanding into the US market and has appointed Dave Scola as chief executive for the country.

Form3 expands to US

Michael Mueller, CEO of Form3, describes the US market as “an enormous opportunity” for the company.

Form3 is building out its product capability to include real-time payments and automated clearing house (ACH) connectivity with both the Federal Reserve and The Clearing House.

Scola has over 20 years’ experience in transaction banking and payments services. He joins from Swift, where he was chief executive of the Americas, UK and Ireland.

Previously, he was head of financial institutions for Barclays Corporate Bank and has also worked in transaction banking at Deutsche Bank and Bank of New York.

Founded in 2016, Form3 is on a mission “to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform”.

It employs 340 people and plans to grow the team by around 60% in the next 12 months.

“As the single largest payment market in the world, the US is an essential part of that growth strategy,” the company says.

Last autumn, Form3 raised $160 million in a Series C funding round, led by Goldman Sachs.