3S Money, an authorised Electronic Money Institution (EMI) regulated by the UK’s FCA, reveals it has no gender pay gap, and has never had one, as it reaches 100 employees.
The already profitable and rapidly growing Fintech has a 1:1 male to female ratio of employees, with two fifths of the board and over half (57%) of its department heads female.
Across the Fintech sector, the gender pay gap is well-recognised – with most agreeing that the ‘male-dominated’ financial services industry remains the root cause. FCA data reveals that only 14% of 10,000 partners at UK financial services companies are women. Further, the median pay gap across FTSE 100 employers has decreased by just 1% since reporting legislation was introduced in 2017, with the banking industry reporting the biggest gap of 35% during 2021-2022.
Inclusivity and collaboration are fundamental to 3S Money. Since its launch in 2018, the company has never had a gender pay gap across any comparable roles, including within Compliance, Client Management and Sales. The Fintech has been diligent in maintaining strict salary benchmarking and consistency to ensure they are competitive and aligned for all employees.
Ivan Zhiznevskiy, Co-Founder and CEO at 3S Money comments, “Gender bias is clearly a systemic issue across multiple industries, but especially in Fintech. Addressing the talent pipeline is imperative to improving areas such as the gender pay gap. We hire based on talent, not quotas, but it is fundamentally important to be mindful that not everyone gets access to opportunities and open roles.
“Diversity & inclusivity attracts diversity & inclusivity. It is cyclical. Now we are hitting a hypergrowth stage and have reached the milestone of 100 employees, a critical focus for us is to maintain these levels by making 3S as accessible as possible to applicants from all backgrounds while continuing to sustain our zero gender pay gap.”
Launched in 2018, 3S Money has already reached profitability. The Fintech scaleup connects corporations to their customers globally by providing them with local business accounts to send and receive funds through all major payment rails. After launching in the UK, 3S Money now provides local business accounts to entrepreneurs in 190+ countries.
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