Company Research Report: Forward
Company Overview
- Name: Forward
- Mission: Embedded payments built by software people for software people.
- Founded: June 2023
- Founders: Brandon Lloyd, Derek Victory, Danielle Madison
- Key People:
- Brandon Lloyd, Chief Executive Officer
- Derek Victory, Chief Technology Officer
- Danielle Madison, Head of Partnerships
- Miles Wellesley, Chief Risk/Operations Officer
- Headquarters: Austin, Texas, USA
- Number of Employees: No information is available
- Revenue: The company is generating revenue but specific figures are not provided. However, SaaS customers receive, on average, 70 cents per transaction on Forward's platform.
- Known For: Forward specializes in embedded payment solutions designed for SaaS companies, with a focus on reducing payment processing costs and increasing revenue from payment processing.
Products
Forward offers a range of payment solutions tailored for SaaS companies:
1. Advisory Report:
- Description: Offers a free payment consultation to simplify the payments journey.
- Key Features:
- No obligation review
- Simplifies payment processes
2. PFAC Lite:
- Description: A lighter version of Payment Facilitator, allowing companies to rent Forward's payment capabilities.
- Key Features:
- Quick start-up without significant investment
- Technical integration in less than a week
3. PFAC:
- Description: Full Payment Facilitator model offering complete solutions for companies ready to fully implement payment facilitations.
- Key Features:
- Portability of merchant contracts
- Full control of pricing and adoption
4. Merchant Sales:
- Description: Optional service helping companies sell payment solutions to their customer base.
- Key Features:
- High velocity, transactional nature of sales
- Ensures competitive pricing for customers
5. Scale Systems:
- Description: Offers a highly scalable payment processing system.
- Key Features:
- Processes over $100B per year
- Comprehensive risk management systems
Recent Developments
- New Products Launched: The company recently introduced its payment processing system in the fourth quarter of 2023 and has started processing a few million transactions.
- Partnerships:
- Former employer Fiserv is a current customer, helping them expand into the managed PayFac category.
- Investments:
- Secured $16 million in seed financing led by Commerce Ventures, Elefund, and Fiserv.
- Technical Advancements:
- Rapid technical integration enabling onboarding within a week.
- Investing in machine learning and artificial intelligence to enhance payment solutions.
Additional information, such as new features added to existing products or further recent developments, is not available.
This report encapsulates the crucial aspects of Forward's operational focus, leadership, and future trajectory.
