Forward began processing payments in Q4 2023 and has already conducted a few million transactions. The company also counts Fiserv as a customer, enabling the latter to expand into the managed PayFac category. Forward recently announced $16 million in seed financing, led by Commerce Ventures, Elefund, and Fiserv. The funds will be used to expand the company’s capacity and invest in technology development, including machine learning and artificial intelligence.
Key takeaways:
- Brandon Lloyd, after selling his company Bypass to Fiserv, founded a new company called Forward, aiming to shift the economics back to SaaS companies in the payments industry.
- Forward enables SaaS companies to rent its offerings as a service, managing authorization, settling transactions, moving money, and handling reconciliation, thus saving them money.
- Forward started processing payments in the fourth quarter of 2023 and has done a few million transactions since then, counting former employer Fiserv as a customer.
- Forward recently announced $16 million in seed financing, led by Commerce Ventures, Elefund, and Fiserv, which will be used to expand the company’s capacity and on technology development, including machine learning and artificial intelligence.