- Atlantic Money, which provides online money transfer services to customers in the UK, has gone live after it received a top-up to its initial seed funding round.
- The company offers a £3 flat fee on transactions, and allows customers to send up to £1m abroad.
- “We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible,” said a senior figure at the company.
Atlantic Money, a provider of online money transfer services, has confirmed that it has gone live following a top-up to its initial seed funding round.
The firm said that it had brought its service to market in the UK following the round, in which it raised around US$3m.
The company offers a £3 flat fee on transactions, and allows customers to send up to £1m abroad.
Press reports indicated that this is likely to put the firm into the sort of tier where it is highly competitive on price for larger transactions.
The co-founders of the company are Patrick Kavanagh and Neeraj Baid, both of whom formerly worked at Robinhood.
It is expected that the company will attempt to compete with firms such as PayPal and Wise.
It is also expected that the company will offer its services to residents of the EU in the months to come.
Currencies such as the Canadian dollar and the US dollar are represented on the accepted currency list.
In terms of the funders behind the seed round, meanwhile, names such as Amplo and Nordstar were on the list.
“Large financial institutions move unlimited money around the world at effectively zero cost and secure the live exchange rate by working directly with one another,” explained Baid.
“Meanwhile, retail customers are charged progressive fees and unjustifiable exchange rates.”
“The previous generation of challengers like Revolut and Wise disrupted the banks, bringing better technology and lower fees,” said Kavanagh.
“But they have since lost focus and abandoned the very product that made them great in a quest to build the next ‘super app’.
“We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible,” he concluded.
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