Fintech companies often face a common headache: managing complex ledgers that track money movements across multiple accounts and payment systems. French startup Formance is stepping up to solve this problem, and they’ve just landed a $21 million Series A funding round to make their vision a reality.

Formance started with an open-source financial ledger designed to track assets moving in and out of accounts. Now, they’re expanding into a full-blown fintech infrastructure platform, offering modules for connectivity, payments, and reconciliation. Think of it as the AWS of financial operations—businesses can pick and choose the tools they need or adopt the entire suite for seamless integration.

The company’s co-founder, Clément Salaün, shared that Formance is working on new features, including banking integrations and accounting exports, to make the platform even more versatile. Their goal? To keep integration costs low while offering a one-stop solution for fintech needs.

With this funding, Formance plans to open a New York office and grow its team from 20 to 50 employees by 2025. They’re already working with about 20 customers, including high-profile names like Booksy and Doctolib, and they’re aiming to become a key player in the fintech world.

Unlike competitors such as Stripe, Formance doesn’t process payments or hold client funds, focusing instead on building a modular, independent platform. With fresh capital and big ambitions, Formance is poised to make waves in the fintech space.