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W2, a provider of SaaS, B2B software solutions and services has today announced it has completed a £3 million Series A round of financing with investment from investors Mercia Technologies PLC and the Development Bank of Wales.
This substantial funding builds on an exceptional year for W2 which saw a rapidly growing list of clients, key employee appointments and market momentum in target sectors such as emerging payments, betting and gaming.
This funding will help W2 to further expand its sales and marketing efforts as well as broaden and accelerate product development and extend its global reach.
W2 offers customers the ability to streamline customer acquisition and manage regulatory risk by performing real-time identity verification, anti-money laundering and anti-fraud checks against consumers and corporates on an international scale.
The company targets firms in the regulated, government and business community across the globe, and is primarily focused on selling to the gaming, payments and foreign exchange markets on multi-year revenue contracts.
Newport-based W2 was founded by CEO Warren Russell in 2011 after building significant experience in the anti-money laundering, fraud and identity verification markets.
Warren Russell, CEO of W2, said:
“With the continued support from Mercia and Development Bank of Wales we will be able to continue establishing our position as a key world player in our field. This further investment will enable us to step up our international sales plans and further grow our team to support our rapidly expanding business. We feel honoured that our existing investors are backing us every step of the way”
Julian Viggars, Chief Investment Officer of Mercia Technologies PLC, said:
“Having initially backed W2 through our managed funds, we are delighted to continue to support the business and its highly experienced management team as it becomes the latest Emerging Star to join our direct investment portfolio. SaaS technology continues to be one of Mercia’s key areas of focus and we see significant potential for delivering shareholder value over the medium term as W2 continues to grow.”
Richard Thompson, Senior Investment Executive at Development Bank of Wales, said:
“We are thrilled to once again be co-investing with Mercia in this latest round to support Warren and his team. W2 has made tremendous progress in recent years and we are excited to see what this funding will bring to the business. With this investment and the increasing demands in regulatory compliance W2 are well positioned to become a leading player in their market.”