PayPal Ventures has co-led a $21 million Series A funding round in Formance, an open-source financial infrastructure provider. The investment, alongside contributions from Portage, Y Combinator, Hoxton Ventures, and AXC, follows a tenfold revenue increase for Formance over the past year.

Founded in 2021, Formance provides a programmable ledger that enhances transaction visibility and streamlines reconciliation for fintechs, SaaS platforms, and financial institutions. The funding will support its expansion in the U.S. and Europe while advancing its ledger into a comprehensive financial platform.