Diligence memo · auto-generated · as of July 2, 2026
Formance, Inc.
Formance, Inc. looks under-valued against its niche peers and is quiet on financing cadence.
Businessfiled
Formance, Inc. operates in Fintech, based in PARIS, Île-de-France, France. Open Source Infrastructure for the Financial Internet
Sub-sector tags: B2B, Developer Tools, Fintech, Open Source, Payments, fintech.
Capital & rounds (filed)filed
Formance, Inc. has raised $25M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $19M on 2024-12-23.
Most recent recorded round closed around 2024-12-23.
Valuation (modeled)modeled
Provath models Formance, Inc. at approximately $116M (range $45M–$190M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.43× the median modeled value of Series B Fintech companies in 2022–2024 (14 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 12 months.
Last raise 18 mo ago; this sector typically re-raises about every 12 months.
Slightly overdue versus sector cadence.
The last round stepped up 2.8× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 94% of Fintech peers (1063 compared).
Modeled value ranks above 90% of those peers.
Closest niche peers: PayMongo Inc., Treasury Prime Inc., Advisor Credit Exchange, LLC, Butter Payments, Inc., Apto Payments, Inc..
Peoplefiled
3 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.