One of the companies behind Telefonica O2 prepaid card service has received €5 million to fund expansion into US and European markets.
Dublin-based 3V Transaction Services, which currently operates in six countries, received the funding from TTV Capital and existing investors Balderton Capital and Atlas Ventures.
Commenting on today's 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 currently runs Telefonica's O2 Money programme in Ireland. A spokesperson for 3V said the O2 Money programme is a prepaid solution that uses multiple load sources and the mobile as the primary interface. It includes real time P2P, app and SMS-based as well as online and retail payments (including NFC and QR).
"With over 150,000 subscribers it is the most successful telco deployment in payments in the EU," the spokesperson said.