PayPal Ventures and Portage led a $21m Series A round in Formance.

PayPal Ventures, a venture capital firm, and Portage, global fintech-focused venture capital investor, led a $21m Series A round in Formance, a software development firm, Y Combinator, Hoxton Ventures, and Axeleo. “In 2024, and even before, we were mainly focused on the ledger. And then we started to prepare to move from a single ledger product to the Formance platform with other modules — the reconciliation part, for example, connectors to payments services, etc,” Clément Salaün, Formance Co-Founder and CTO.