# Formance

> Formance is an open-source financial infrastructure company that gives developers a programmable core ledger and a connectivity layer for moving money across banks, payment processors, and wallets. Its stack - Ledger, Connectivity, Flows, and Reconciliation - lets fintechs and platforms track every asset movement with double-entry precision, orchestrate payments across providers, and automatically reconcile internal records against external statements. Founded in 2021 and backed by PayPal Ventures and Portage, Formance positions itself as building-block infrastructure for the 'financial internet' rather than a payment processor that touches customer funds.

- **Founded:** 2021
- **Headquarters:** New York, New York, United States
- **Founders:** Clement Salaun (Co-founder & CEO), Anne-Sybille Pradelles (Co-founder)
- **Team size:** ~40 employees (targeting 50 by end of 2025)
- **Products:** Ledger, Numscript, Connectivity, Flows, Reconciliation
- **Notable:** Raised $21M Series A co-led by PayPal Ventures and Portage (January 2025)., Reported roughly 10x revenue growth in the twelve months preceding its Series A., Open-sourced its core ledger and the Numscript DSL, building an active developer community on GitHub.

## Products & services

- **Ledger** — An open-source, programmable core ledger that models transactions and tracks balances with double-entry precision, using atomic multi-posting transactions and the Numscript DSL. Deployable to your own cloud.
- **Numscript** — A domain-specific language for describing money movement in a human-readable, machine-safe way - replacing error-prone custom transaction code with declarative scripts.
- **Connectivity** — A single API that integrates data from banks, payment rails, wallets, and exchanges into one unified format via payment connectors.
- **Flows** — Automates complex fund-lifecycle workflows including holds, KYC checks, payment initiation, and payouts across providers.
- **Reconciliation** — Automatically matches internal ledger records against external statements to detect discrepancies in real time.

## Achievements

- Raised $21M Series A co-led by PayPal Ventures and Portage (January 2025).
- Reported roughly 10x revenue growth in the twelve months preceding its Series A.
- Open-sourced its core ledger and the Numscript DSL, building an active developer community on GitHub.
- Achieved SOC 2 Type II, ISO 27001, and DORA compliance for regulatory-grade money tracking.
- Grew from a Paris-founded YC startup to a New York-headquartered company serving 20+ fintech customers.

## Latest updates

- **2025-01** — Closed a $21M Series A co-led by PayPal Ventures and Portage to scale its open-source financial infrastructure and expand its New York and go-to-market teams.
- **2025-01** — Announced plans to grow headcount toward 50 and to modularize further into accounting integrations and lower-level banking services.

## Links

- Website: https://formance.com
- LinkedIn: https://www.linkedin.com/company/formancehq
- Twitter/X: https://twitter.com/formancehq
- GitHub: https://github.com/formancehq

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Profile page: https://yespress.io/formance
Published by YesPress — https://yespress.io
Last updated: 2026-07-21