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3s.money Closes Series B Funding to Enable Further Market Expansion
Bank 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.
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, doubled the size of their team and continued to service their mid-market clients by facilitating the fast and efficient movement of money internationally. Focusing on improving their core product, 3s.money has fast-tracked their 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”.
The new investment inflows allow 3s.money to strengthen the company’s main asset, people, and to further expand their multi-currency business accounts with GBP, EUR and USD direct IBANs into new markets. FCA emoney licence approved 3s.money currently operates with offices in 5 locations: London, Amsterdam, Luxembourg, Riga and Dubai.
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