3V Transaction Services, the Blackrock, Dublin-based electronic payments provider, has secured €5m in Series B funding which it is planning to use to focus on the next stage of its US and European expansion in 2013.
The Series B investment has been led by the Atlanta, Georgia-based TTV Capital, which invests in technology-enabled financial services businesses. Enterprise Ireland also participated in the funding round, as well as 3V’s existing investors, including Balderton Capital and Atlas Ventures.
Since it was set up in 2004, 3V has developed payment platform technologies to allow mobile operators and online retailers to offer payment features and functions to customers, with the aim of helping lower costs and create additional revenue opportunities.
The company offers an integrated approach to payments by combining mobile, card and web-based technologies into one solution for both issuing and acquiring payment applications.
3V currently operates in six countries and delivers solutions for clients such as Telefónica O2, Visa, PayPal and eBay.
"This additional funding will allow us to scale our business to meet the growing needs of mobile operators and online retailers as they seek to enter the payments market across the globe. It will also help underpin our position as a leading innovator in payment platform development," said 3V CEO Kieron Guilfoyle.