Form3 is a successful FinTech that was seeking cost-saving techniques from Cloud FinOps experts during a time of significant growth.
Over the last 3 years, Form3 has burst onto the FinTech scene and gone through large success, coined by growth. Form3 is a fully managed payment technology service, combining a powerful AWS cloud processing platform, multiple-scheme payment gateways and a fully managed service model – the mission is simple: to make payments faster, easier and more cost-effective for the global financial community.
Strategic Blue and Form3 have been working together for the past 18 months. Form3 realised that with growth comes increased cloud costs, something they wanted to ensure would be kept to a minimum. Strategic Blue, known as a leader in FinOps for cloud, was able to introduce their cost-saving techniques to Form3, ensuring that they can keep on top of their cloud costs (which is somewhat difficult to do!)
Over the last 12 months, Form3 had been using credits direct from the cloud provider to off-set a large amount of their cloud bill. However, the nature of credits provided from the cloud providers is that this offering runs out and Form3 was in a position where their cloud costs were increasing.
To add to the complication of increasing cloud costs, Form3 were unsure of what their cloud infrastructure was likely to look like in 6-12 months time. This made it particularly difficult for Form3 to procure their cloud resources directly with the cloud providers, due to the strict finance and contractual terms. Rather, as a reseller, Strategic Blue was able to provide additional flexibility here – buying on the strict terms of the cloud provider and selling to the preferred terms of the customer (Form3).
The outcome is that Strategic Blue facilitated a flexible 12-month compute commitment, allowing Form3 to change fluidly with their growth and a 6-month database commitment, unlocking savings that wouldn’t be available directly to the cloud vendor.
Thanks to the flexible commitments put in place, Form3 will be able to save circa 25% off the on-demand costs over the next 12 months. This is at a better price than going to the cloud vendors direct and with a short-term 6-month commitment for the databases that wouldn’t be possible without Strategic Blue. The plan for the next 12 months is simple, for Strategic Blue to continue to leverage as many savings as possible for Form3, whilst providing further assistance through the customisable dashboard and predictive alerting to help any overspend risk.
Through a number of meetings between Form3 and Strategic Blue, it became clear that being able to forecast their cloud usage over the next 1-3 years wasn’t something that would be possible. Instead, Strategic Blue was able to find out about the projects over the next 6-12 months and put together an appropriate commitments proposal that would give Form3 the savings they are seeking, as well as the flexibility required for their agile growth. It became clear that Form3 required a somewhat unusual committed usage length. Their compute required flexible commitments with competitive savings, whilst the databases required a short-term commitment length because Form3 is likely to turn these off in 6 months. Form3 was honest with their requirements to Strategic Blue, and this allowed Strategic Blue to use their sophisticated resell and financial intermediary to find an appropriate way for Form3 to enjoy the flexibility required with significant savings gained.
Speak to our Financial Solutions Architects.
Complete the form below and one of our cloud specialists will be in contact to discuss your requirements.