W2 will expand its sales and marketing efforts after securing Series A funding to the tune of £3 million from Mercia Technologies PLC and the Development Bank of Wales.
This will be used to build on an exceptional 2018 for W2, a B2B software provider focused on streamlining customer acquisition and managing regulatory risk by performing real-time identity verification, anti-money laundering and anti-fraud checks.
After receiving significant investment in the spring of 2017, the Newport-based company wasted no time by securing key appointments and servicing its growing client base, while maintaining momentum in target sectors such as payments, betting and gaming.
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.”