Premier Finance 3.0 is here – Introducing the UK’s most exclusive provider of alternative banking services, Privat 3 Money
Modern banking as we know it began with Merchant and Private Banks. The first were found in Florence in the 14th Century and were focused on managing personal finance for wealthy families. As the practice expanded across Europe, the client base diversified also, to include Europe’s most prominent Royals and nobility.
Today, private banking continues to represent the most exclusive form of wealth management. However, in the last few years we’ve started to see a shift. Not in the regard with which these financial institutions are held, but rather in the type of service their wealthy clients are looking for and expect.
Financial digitisation means the needs of a new generation of HNWIs have changed. Age-old financial institutions are being left behind, failing to innovate quickly enough and not adapting their processes to benefit from technology tools that would enhance their existing client’s banking experience. For many of today’s wealthy individuals, particularly the emerging younger generation of wealth holders, the digital offering currently provided by private banks is either totally inexistent, or not fit for purpose, and use archaic infrastructure creating inefficiencies with no flexibility.
Modern problems, require modern solutions. It was from this realisation, and through his own wealth management experience, that Reda Bedjaoui decided to create Privat 3 Money*. Privat 3 Money (P3) is the UK’s most exclusive Wealthtech company and the first truly digital alternative to existing private finance.
“I’ve been a client of various private wealth institutions for many years and despite the advances in technology I have been consistently frustrated by their inadequate digital offering, lack of flexibility and understanding of the needs of a younger generation of high-net-worth individuals.” said Reda.
“My views are shared by wealthy clients, family offices and entrepreneurs who also feel let down by their incumbent financial institutions who have missed or ignored the digital revolution.”
Authorised and regulated since 2020 by the UK’s Financial Conduct Authority, the e-money institution has completed an aggregate £6BN in transactions since launch and their clients include members of some of the world’s wealthiest families.
The business is completely transforming what a premier financial experience means, reimagining access to deposits, payments, foreign exchange and trading; enabling financial transactions from anywhere in the world via smartphone whilst maintaining the personal customer service offering synonymous with traditional private wealth via a dedicated relationship manager.
In addition, the firm recently launched their mobile trading platform with US partner Drive Wealth**, only the second digital financial institution in the UK to offer such a service, which allows eligible clients to trade US equities and, eventually, mainstream cryptocurrencies seamlessly via the P3 app.
As a new generation of wealthy individuals emerges and digitisation continues to accelerate at breakneck speed, financial institutions will need to match the pace. Few are doing so like Privat 3 Money, and few understand the true needs of HNWIs in the way this future facing financial platform does.
* Privat 3 Money is not a bank but an Electronic Money institution (See website – Safety First Section). The FSCS protection scheme does not apply to E-Money institutions like Privat 3 Money Ltd. ** in partnership with P3 Wealth Ltd. an FCA regulated investment firm (FRN 806934)