Global payments 
Local accounts

Fast, automated, user-friendly. Sounds like a dream but we at 3s.money invest a lot of time and energy into making it happen. Working on both fronts – technology and human resources – we intend to create a pleasant compliance journey with improved payment behaviour analysis, data collection and processing.

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.

Recently we asked our community members to take part in some research to help us figure out how people feel about and cope with the payments process. Through the latest LinkedIn feature, we created a poll with four options: compliance, payment limitations, chatbots and user-unfriendly platforms. The opinion poll lasted for a week and then we counted the votes and compiled the results:

Local Dutch IBANs are now available for our clients – 3S Money's business customers can accept and send out payments using local NL account number. They will benefit from a full range of foreign currencies including USD, CNY, RUB and SGD. Our CTO, Eugene Dugaev, hints some details on this update:

In no time at all, the whole business world has changed. Our usual routines have been transformed and we have a fundamentally new way of dealing with everyday tasks. Digitisation is prevalent in the vast majority of industries, and Fintech is no exception. But now it’s a necessity, rather than a preference. When the Prime Minister announced on 23rd March that the country was going into lockdown, for UK-based companies this meant a move towards remote-working.

We are proud to announce that 3S Money has joined Emerging Payments Association EU, a non-profit association of payments industry influencers and professionals whose goals are to strengthen and expand the payments industry. EPA EU is based in Luxembourg, the home country of various companies that we are currently onboarding as business account holders. With commercial presence in Luxembourg and through membership in the EPA EU, 3S Money is now becoming a valuable player in the payments space in the region with great opportunities for growth.

The largest urban centres in the world are locked down – streets are deserted, cafes are empty, offices are closed. The City of London, where 3S Money’s headquarters are located, is unusually silent. It almost feels like our primary financial districts have retired for the duration of the quarantine… But that’s not entirely true. Our co-founder Andrei Dikuchine has been speculating on the current situation, asking what’s going on in the financial sector right now and what should the Fintech industry expect when these unprecedented times are finally over?

With 30+ supported currencies and major payment rails like SWIFT, SEPA and ACH, 3S Money offers equal access to banking, no matter where our clients trade. This month we added CNY as a new currency that is now available for both collections and pay-outs. From now on our clients are not only able to execute payments in Chinese yuan but also have possibility to exchange it using live currency desk with the best online rates. We are working to deliver more Asian currencies and Real-Time Settlement for China, India, Singapore, Vietnam and other Asian markets.

We are proud to announce that 3S Money raised £665,000 (c.$815,000) in equity round through a private capital markets platform Globacap. Funding campaign was led by TMT Investments PLC and 3S Investments Ltd and was well received by private investors and 3S Money own corporate client base.

Our fantastic London office at Rise is closed due to quarantine until further notice: our team works remotely but there’s no change to level of service our clients get. We want to express our gratitude to Tony Margiotta and his team for 2 month rent holiday. Stay safe, we hope to see you very soon!

In times like these, when the world is turned upside down because of the COVID-19 virus, everyone feels the need not just for collective action, but for change. The business community must adapt to circumstances and work as one. Here are some simple solutions we’ve developed to help our clients in this challenging situation:

The opening of Russian Business Week 2020 took place at the end of last week – we couldn’t have missed it and sent our co-founder, Andrei Dikouchine, to deliver a lecture on innovations in global payment systems.

Based on Revolut’s recent success with its funding round and the subsequent publicity frenzy in the industry’s media, 3SM’s Non-Executive Director David Parker congratulated our fellow digital bankers with this bodacious comment on the topic:

In the middle of Q2, we finally made the decision to start a fundraising campaign. Ivan proclaimed, “In the past years we’ve achieved enormous success and now, entering a time of growth, we’re fully ready for it!” The team is in support of this idea. With a fantastic product that has demonstrated exceptional growth, the only wise thing to do is to move forward and scale it.

Oh time, how it flies! It seems like only yesterday we were arranging a meeting with our very first client, and already weʼre being interviewed about the secrets of our success.