UK based fintech challenger 3s.money that enables corporates to accept and manage bank transfers in foreign markets has completed a new funding round, giving a business valuation of £40m+. The Series B £3m round was led by TMT Investments PLC.
The new investment enables 3s.money to strengthen the company’s main asset, people, and further expand the multi-currency business accounts with GBP, EUR and USD direct IBANs into new markets.
FCA e-money licence approved 3s.money currently operates with offices in 5 locations: London, Dubai, Amsterdam, Luxembourg and Riga.
Ivan Zhiznevskiy, CEO of 3s.money commented: “As an operationally profitable bank challenger serving a distinct segment of the market, it was great to receive such strong and quick support from the VC’s. We service mid-market clients from over 190 countries, supporting their high-value international payments through our extended correspondent network; a market that is dramatically underserved by both the pure online players and big merchant banks.”
During the last 12 months of the Covid crisis, the company has grown its revenue over 4.5 times, increased the number of team members from 15 to 40 and continued to service its mid-market clients by facilitating the fast and efficient movement of money internationally. Focusing on improving the core product, 3s.money has fast-tracked its online wizard for the Smart Compliance journey and has started issuing IBANs in 4 more European countries.
Artyom Inyutin, Co-founder and Managing Partner of TMT Investments said: “We are happy to support 3s.money in the new round and we believe that their excellent product will help companies to do business much better than traditional banks do”.