In response to increased investor demand London-based bank challenger 3s.money briefly reopened its earlier funding round announced in April and increasing total amount raised to £1.5 million.
The achieved result compares favourably to the initial target of £1 million set in February before the challenges of global pandemic emerged. Both legs of the campaign were led by TMT Investments PLC - an early investor in Bolt.
“3s.money combines an excellent innovative product for cross-border merchants with a professional and ambitious team. The company shows robust growth even in the current market situation. Therefore, we strongly believe in the success of the project.” - commented lead investor and co-founder of TMT Investments PLC, Artyom Inutin.
“3s.money provides B2B banking services and enables entrepreneurs with global ambitions to make cross-border payments. We see huge potential in our target segment - privately held international businesses with £25m to £50m in annual turnover. This core market yields high average annual revenue per customer but is commonly under-served by both high-street banks and new challenger banks. We proved the market demand, we proved the business model. Now it is time to boost growth on all fronts,” - founder and CEO Ivan Zhiznevskiy said in a statement.
Having significantly strengthened its balance sheet and liquidity, 3s.money’s team can exclusively focus on accelerating growth by enhancing experiences of our existing customers as well expanding geographically. The company continues to invest in best technology available, but also passionately believes in importance of high caliber team to run technology as well to provide efficient and on-demand support to our clients. 3s.money’s 25 strong member team operates from offices in UK, Latvia, Luxembourg and The Netherlands.
3s.money’s long-term ambition is to create a premium banking service with global footprint offering international merchants a wide suite of services - from global payments and local accounts with cost effective foreign exchange to export finance, factoring, freight and insurance broking. The foundation of this vision is already in place in the form of the existing working payment network used by 3s.money’s clients daily.