Irish firm 3V Transaction Services Ltd’s pay-as-you-go VISA voucher product is going beyond Irish borders following a deal with Luxembourg Banque Invik that will see the bank acting as its European partner.
The new partnership between 3V and Banque Invik will bring the Enterprise Ireland client company’s services to Belgium and Luxembourg, followed by rollout in the Netherlands in early 2010.
3V says it anticipates spend values of €75 million per annum from the Dutch market alone.
“These agreements mark a significant milestone in the development of 3V Transaction Services Ltd,” said Kieron Guilfoyle, CEO of 3V.
“Over the last four years, we have developed and refined our product suite and have organically grown a customer base that will pass the half-a-million mark in the coming months.”
Hundreds of thousands of customers
The 3V service, which is a pre-paid voucher that acts as a secure credit card for online shopping, launched in October 2005 in Ireland and now has more than 400,000 customers between Ireland and the UK.
“The economic environment over the last 18 months
has placed renewed focus on 3V as a payment method
of choice, as consumers are more conscious then ever
of spending only what they have and not falling into
the credit trap.”
– Kieron Guilfoyle, CEO of 3V
In 2006, 3V secured €20 million in Series A funding from Atlas Venture and Benchmark Capital Europe, which propelled its UK launch that year. It also acts as the online gift card for big brands including eBay, PayPal and Bebo.
“The economic environment over the last 18 months has placed renewed focus on 3V as a payment method of choice, as consumers are more conscious then ever of spending only what they have and not falling into the credit trap,” added Guilfoyle.
“We will be working with our distribution and marketing partner, Moreless B.V., to promote these key consumers messages as we launch into the Dutch market. Going forward, we will be looking to other distribution and marketing partners to come on board as we continue our European rollout.”
By Marie Boran
Photo: Pictured at the signing of the agreements in Luxembourg are (seated) Johan Modenius, head of Cards Banque Invik, Luxembourg; Kieron Guilfoyle, CEO, 3V Transaction Services; (standing left to right) Seamus Minogue, COO of 3V Transaction Services; Heike Kiefer, director, cards division, Banque Invik, Luxembourg; and Han Brussel, managing director, Moreless – Holland.