Public Funding for Moneysuite Ltd

MoneySuite is a UK-based fintech SME with a core project team of Deva Balakrishnan (Project Manager/Product Architect), Shanmugapriya Selvaraj (Technical Lead/Developer), Anis Sabeer (Product Owner) and Tania Groomer (Quality Assurance). Despite supplying almost a third of the UK's total exports, small and medium-sized businesses (SMBs) face significant challenges when it comes to international trade. Currently, transactions come with high commissions and low exchange rates, negatively affecting these companies' revenue and profits. In addition, payments can take a long time to process, with SMBs waiting for up to a week before receiving funds. All this means that SMBs cannot compete as effectively as they should. Thus, there is a clear need for a solution that will allow such companies to trade internationally without losing considerable time and money. To meet this need, MoneySuite is developing a novel system called WorldSettle that allows SMBs to quickly collect payments internationally with lower commission rates. This cost-effective approach uses novel technology and can save SMBs up to 83% in fees. Currently, the high commission rates associated with international transactions particularly affect small businesses that are run by individuals from lower socioeconomic backgrounds. These small business owners face reduced profits as a result. MoneySuite's solution provides a cost-effective, convenient answer to the problems associated with international payment collections.