French FinTech Formance has raised $3.1 million that the company said it will use to continue development of its low-code, open-source payment-flow tracking platform.

The funding round is its first, the company said in the announcement Monday (June 20).

The company said the offering is based on four “pillars:” the low-code approach; prebuilt and customizable templates; a transaction ledger; and real-time transaction-tracking tools. Creating payment flows, according to the company, takes “hours rather than days.”

The announcement said: “The French FinTech has developed a library of ready-to-use use cases which are easily integrated. As a result, the startup offers technical teams a solution for modeling their specific payment scenarios and simplifying the process of breaking down and tracking these money flows properly.”

On its website, the company describes its business so far as having developed four APIs “that are designed to make it easier and quicker for companies with complex payments networks (like online marketplaces and FinTechs) to track payment flows between pay-ins and payouts in real time and across different merchants and intermediaries.”

See also: AP Automation Reduces Workload, Errors, Fraud

Formance was founded in 2021 by Clément Salaün and Anne-Sybille Pradelles.

European website quotes Pradelles, “We want to be conservative with hiring at the moment and focus on having a really strong core team of developers to work on the product before we scale.”

So far, according to reports, the company has been targeting small and medium enterprises.

According to the announcement, the investment was led by Hoxton Ventures, Frst, Y Combinator and several business angels including Revolut’s former vice president of global business, Don Hoang, and Pierre Youenou of Silvr.

Formance is headquartered in Paris.