[31.10.2006 first posted on silicon republic]
An Irish firm whose technology enables consumers to buy online without the need of debit or credit cards has raised €20m from a consortium of European investors.

3V Transaction Services will create 67 jobs as it proceeds with plans to crack the €500m European prepaid market opportunity.
The consortium that contributed to the first-round funding in 3V includes Atlas Venture and Benchmark Capital Europe.
Established in 2004, the company has already won key deals with Irish Life & Permanent and Visa Europe.
Barry Maloney, general partner of Benchmark Capital Europe, said: “The best companies have been built on the simplest of ideas. 3V allows people to buy online using the well tried and tested prepaid model. It could not be easier to use.”
The company leverages off the extensive pan-European Alphyra network, which straddles 150,000 terminals across 18 countries.
The company is targeting what is believed to be a €500m market opportunity for European prepaid e-commerce vouchers.
The company kicked off its European market attack with a £2m sterling marketing campaign in the UK and will extend the campaign to other European countries in 2007.
The planned European expansion will result in the creation of approximately 67 jobs at 3V over the next 12 to 18 months.
Some 55 of the jobs will be based at 3V’s headquarters in Dublin with a further 12 to be based at the company’s London office, bringing the total workforce to 77 people.
The patented 3V voucher allows people to shop online but who currently can’t as well as those that don’t want to use their credit or debit card for fear of fraud or overspending.
“3V is the first company to come up with a really easy payment method for online shoppers in Europe who don’t want to use a debit or credit card on the Internet,” said Christopher Spray, senior partner at Atlas Venture. “It is elegant in its simplicity and accepted by all merchants. We believe there is a significant unmet need for this.”
3V vouchers can be purchased by anyone over 16 and can be used anywhere online where Visa is accepted.
3V’s chief executive Keiron Guilfoyle said that the vouchers are designed to reduce fraud and cannot be skimmed and details like expiry date and other security details are delivered separate to the customer’s email or mobile phone.
“Following the successful pilot of 3V Voucher here in Ireland over the past 12 months, the capital raised will help us to complete our European rollout in the UK this year and another four markets next year,” Guilfoyle explained.
“We believe 3V Vouchers tap into a very buoyant market and will have a positive impact on the digital economy. This is the largest ever investment made in the prepaid market outside the US.”
By John Kennedy