The UK-based fintech and LHoFT-member 3S.Money to further expand with the recently acquired €2.6m (£3m) of Series B funding.
Photo: The startups is located at Barclay’s Rise, the “home of FinTech”, in the heart of the London FinTech cluster / Credits © 3S.Money
Series B financing is the second round of a business funding. It generally takes place when the company has accomplished certain milestones in developing its business and is past the initial startup stage.
The financing includes private equity and venture capital.
Headquartered in the UK, with offices in Dubai, Amsterdam, Luxembourg and Riga, the company offers automated B2B banking services to clients including international traders, holding companies and family offices. These services include online cross-border payments in foreign markets.
Its key product is local accounts in The Netherlands, UK and Luxembourg with multi-currency IBANs – EUR IBANs in 6 countries, USD IBAN and a UK GBP local account – with foreign exchange capabilities and a live currency desk available for 35+ currencies.
Smart compliance approach
Its solutions are based on a smart compliance approach including automated behavioral analysis, due diligence and AML/KYC monitoring.
Its e-money operations are regulated by the Financial Conduct Authority.
“The new investment enables 3S.Money to strengthen the company’s main asset, people, and further expand the multi-currency business accounts with into new markets,” the company continued in its press release, adding that the “new funding round is giving a business valuation of £40m+ (~ €35m)”.
Founded in 2019 in London, 3S.Money employs 40 people and services mid-market clients from over 190 countries.