Online transactions firm in €5m boost

Dublin-based 3V Transaction Services has secured €5m in funding from TTV Capital to finance its expansion into the US and European markets next year.

3V specialises in developing payment platform technologies which enable mobile operators and online retailers to offer increasingly innovative payment procedures.

Commenting on the announcement, 3V CEO, Kieron Guilfoyle, said, “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.”

3V was established in 2004 and has operations in six countries — Ireland, the UK, Holland, Spain, Canada and Germany. Its clients include O2, Visa, PayPal and eBay. Other investors in the company include Enterprise Ireland, Balderton Capital and Atlas Ventures.

Leo McAdams, a manager at the financial services department of Enterprise Ireland, said: “The payments industry is a strong and growing sector in Ireland and 3V is an example of a payments company that continues to secure international success.”

3V also operates a global instant-issue virtual debit platform that currently serves over half a million customers, allowing them to instantly transact anywhere online without having to adapt shopping carts to facilitate payments.

The company also provides open and closed loop gift-card solutions for online companies such as PayPal and eBay.

This year the company built an online payments system for Visa to facilitate customers in 28 countries to purchase tickets for the London Olympics.