3S Money (Luxembourg) S.A., a wholly owned subsidiary of 3S Money, joins the ranks of only 12 other companies that have been granted an Electronic Money Institution licence by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, marking a major milestone for the Fintech’s European expansion ambitions.
As an already profitable Fintech, with a reported 400% year-on-year growth in 2020, we will now further expand our European activity and offering across the European Economic Area (EEA). This new licence will enable us (Luxembourg) S.A. to provide local European IBANs and fast, reliable cross-border payment solutions to European businesses.
With slow economic growth forecast for 2022 and 2023, small- to medium-sized businesses need more support than ever before in scaling across borders. With this licence, we plan to build on the existing services and capacity already offered to our clients across the EEA. It will enable us to bring its flexible, frictionless cross-border payments and FX solutions to a growing number of clients with business interests and ambitions of scaling in Europe.
Our CEO and Co-Founder, Ivan Zhiznevsky, comments “As we look to expand our business account and trade finance offering, Luxembourg is the ideal location to become our European headquarters. This is a huge milestone in achieving our mission to break down barriers for businesses looking to scale globally.”
“Luxembourg has historically been a major financial centre with 122 authorised banks and continues to grow as a top Fintech destination. We are delighted that the CSSF has granted 3S Money (Luxembourg) S.A. an EMI licence and we are proud to be associated with such a forward-thinking country.”
We continue to invest in expansion across our key regions by attracting world-class talent in the UK, Dubai, Latvia and now Luxembourg, further building out our compliance, product, and business development teams, planning also to invest in R&D in the region. We have an office in Luxembourg’s Fintech hub, The Luxembourg House of Fintech.
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