While online banking platform tailored for ultra-high-net-worth individuals (UHNWI) Privat 3 Money is a well-established brand, its newly launched offshoot, P3 Marine, offers something even more specialised for those in the superyacht industry.
Yachting fanatic and founder of Privat 3 Money Reda Bedjaoui worked hard to evolve Privat 3 Money into a premier FinTech solution but is supported by Philippe Werner, an ex-banker at ABN Amro. “I met Reda nearly a decade ago; I shared his vision of Privat 3 Money - a concept I have believed in for years. When I joined the P3 group, we acknowledged that a yachting vertical would be the natural next step to start focusing on. We assembled a small, dedicated team of experts and got straight to work; building the P3 marine platform from the ground up," Werner explains.
While Bedjaoui is a lawyer by trade with extensive knowledge and passion for the yachting industry, Werner brings expertise in payments and banking to the table. His global journey began in private banking in Singapore before progressing to corporate banking in London, and later to Amsterdam, where he was responsible for international FinTech, FX brokers and Payments Service Provider (PSP) clients at ABN Amro NV.
“This experience solidified my passion for the payments industry, and I’ve since dedicated my career to building payment infrastructure for FinTech’s and banks,” Werner says. His deep understanding of payments and their complexities highlighted a gap in the market: a platform designed to support the ecosystem of international UHNWI, family offices and corporates - challenging the efficiency and processes of incumbent traditional private banks.
“Payments are often seen as one of the more complex and less appealing aspects of banking, but it's an area vital to any business,” he adds. “With my expertise, I offer clients a unique perspective - guiding and educating them on the intricacies of payments: when to make them, how to streamline the process and how to prepare payments to ensure everything proceeds as smoothly as possible.”
One of P3 Marine’s winning features is its commitment to client service. Every client is assigned a dedicated relationship manager, available 24/7 to assist with transactions. “We don’t just understand the complex structures of corporates or the yachting industry, we’re deeply passionate about it, and that drives us to deliver exceptional service,” Werner says. “For example, we recently received feedback from a top yacht management company that is using P3 Marine. They shared how refreshing it is to have direct contact with us on a day-to-day basis and to always receive prompt responses. We want to maintain this white-glove service.”
What truly sets P3 Marine apart is that it is part of Privat 3 Money - an FCA-regulated Electronic Money Institution (EMI) - streamlining the process to resolve payment issues. "A handful of yacht management platforms on the market are not directly regulated themselves, they depend on third-party EMIs/financial institutions," Werner explains. "This means that when a payment issue arises, companies must contact their banking provider, which then has to investigate the problem - adding extra steps and delays. With us, any payment issues are handled directly by our internal operations team, streamlining the process significantly. By managing everything in-house, we maintain greater control and provide clients with enhanced transparency and efficiency."
The added value is that Privat 3 Money can adapt swiftly to client needs. For example, by the end of the year, the P3 Marine platform will introduce two significant updates aimed at enhancing its functionality. The first is a budgeting tool designed to improve financial planning for clients, giving them greater control and oversight of their expenditures versus budget. The second update is a specialised APA reporting feature. This links payments directly to specific yacht charters, enabling users to generate detailed income and expense reports with a single click at the end of a charter.
"Constantly developing together with the clients is essential for us," says Werner. "We own our technology and therefore have full control of the developments made to the platform. We also have a solid payment infrastructure with plenty of redundancies in case something fails. FinTech combines finance and technology, yet many FinTechs either lack the ‘Fin’ or the ‘Tech.’ What sets us apart is that we have both. We pride ourselves on working closely with the daily users of the platform within yacht management companies. We are incredibly flexible and nimble and it allows us to build a product that yacht management teams truly need and enjoy using, based on the feedback they give us."
With a presence currently in the UK and Dubai, Privat 3 Money is now setting its sights on further expansion into the Middle East and Asia, regions where the superyacht market continues to flourish. Additionally, P3 Aviation will start to emerge in early 2025, targeting the private aviation sector.
For more information about P3 Marine or to book a demo, contact the team at Privat 3 Money today.
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