Atlantic Money is a London-headquartered financial technology company that offers international money transfers for a fixed fee.[2][3] The firm was founded in 2020[4] and officially launched in 2022 by two Americans, Neeraj Baid and Patrick Kavanagh, both early employees of the listed US financial services company Robinhood.[5][6][7]
Funding
Atlantic Money received seed funding of $7.5M over two phases in 2022 from venture capital firms including Kleiner Perkins, Wise-backer Index Ventures, Coinbase-backer Ribbit, Amplo, Harry Stebbings’ 20VC, Nordstar, Elefund, Susa Ventures, Webull founder Anquan Wang and Robinhood founders Vladimir Tenev and Baiju Bhatt.[2]
Business model
Atlantic Money operates on a fixed-fee model for international money transfers, which differs from the percentage-based fees often used by competitors. The company charges a flat fee of £3 or €3 for transfers up to £1 million or €1 million, respectively.
Activities
Published applications
Atlantic Money has released mobile apps for both iOS[8] and Android[9] devices. The iOS app was launched first in the United Kingdom on 21 July 2022.[10][11] On 9 February 2023, the Android app followed.[12] Atlantic Money launched a web version of its app in May 2024 after hitting £400M+ in total volume.[13] On 02 October 2024 the company launched a low-cost alternative to SWIFT called “Portals” allowing its users to send money from their personal bank on the Atlantic Money transfer network without needing its app.[14] Atlantic Money can be used by residents of the United Kingdom and 30 European countries[12][15] to send euros or pounds sterling into 10 different foreign currencies.[16][17][18][19][20]
Complaints about Wise
In January 2023, Atlantic Money suspected its competitor Wise of harming competition in an official letter to the UK Competition and Markets Authority (CMA).[21] Wise is said to have removed the cheaper challenger from its international money transfers price comparison table for economic reasons. Atlantic Money also charged Wise with denying access to other price comparison sites that the company owns and controls.[22][23][24] In March 2023, Atlantic Money approached the European Commission with its concerns about Wise's conduct.[25][26][27]
External links
References
- Companies House www.GOV.UK, 2 December 2020, retrieved 29 August 2024^
- Romain Dillet. Atlantic Money wants to challenge Wise with even cheaper international money transfers TechCrunch, 5 March 2022, retrieved 29 August 2024^
- Charlie Conchie. Money transfer fintech launches in London to take on Wise and PayPal CityAM, 2022-03-09, retrieved 29 August 2024^
- ATLANTIC MONEY LTD gov.uk, retrieved 29 August 2024^
- Amy O'Brien. Meet the ex-Robinhood employees who are now taking on Wise Sifted, 9 March 2022, retrieved 29 August 2024^
- Callum Burroughs. Atlantic Money, a fintech founded by Robinhood alumni, aims to dominate the foreign exchange industry by undercutting the likes of Wise and Revolut Business Insider, retrieved 29 August 2024^
- Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money PYMNTS.com, 2022-03-09, retrieved 29 August 2024^
- Atlantic Money on iOS app store iOS App Store, 22 November 2024^
- Atlantic Money on Google play store Google Play Store^
- George Simister. New startup Atlantic Money launches in the UK with just a £3 fixed fee UK Tech, 21 July 2022, retrieved 29 August 2024^
- Daniel Lanyon. New startup Atlantic Money launches in the UK with just a £3 fixed fee AltFi, 22 July 2022, retrieved 29 August 2024^
- Romain Dillet. Atlantic Money launches its cheap foreign exchange service across Europe TechCrunch, 9 February 2023, retrieved 29 August 2024^
- Atlantic Money arrives on the desktop Finextra Research, 2024-05-16, retrieved 29 August 2024^
- Lauren Hinton. Beyond SWIFT: Atlantic Money Launches First App-Less Money Transfer Network, Compatible With All Bank Accounts on Day One FF News, 2024-09-02, retrieved 2024-10-19^
- Gloria Methri. Atlantic Money completes EU launch of foreign exchange services IBS Intelligence, 10 February 2023, retrieved 29 August 2024^
- Liv Klingert. New fin-tech challenger gives users best-value money transfers The Brussels Times, 8 July 2022, retrieved 29 August 2024^
- Archibald Preuschat. Fintech fordert Fintechs heraus Frankfurter Allgemeine Zeitung, 23 August 2022, retrieved 29 August 2024^
- La fintech Atlantic Money débarque en France Le Figaro, 1 December 2022, retrieved 29 August 2024^
- Atlantic Money llega a España con una tarifa plana para transferencias El Economista, 9 December 2022, retrieved 29 August 2024^
- Morning note: economia e finanza dai giornali Il Sole 24 Ore, 6 January 2023, retrieved 29 August 2024^
- Charlie Conchie. Competition watchdog is asked to step in over pricing spat between Wise and Atlantic Money City A.M., 27 January 2023, retrieved 29 August 2024^
- Ryan Browne. $6.6 billion fintech Wise accused by rival of harming competition CNBC, 27 January 2023, retrieved 29 August 2024^
- Kalyeena Makortoff. UK fintech firm Wise accused of stifling competition by rival startup The Guardian, 27 January 2023, retrieved 29 August 2024^
- Simon Hunt. Wise under fire as London fintech accused of hiding prices of cheaper rivals The Evening Standard, 26 January 2023, retrieved 29 August 2024^
- Atlantic Money takes Wise beef to EU Finextra, 27 March 2023, retrieved 29 August 2024^
- Robin Wauters. This Week in European Tech: The crazy story of a ghost startup's 'funding' round, IntegrityNext scores €100M, Rovio-Playtika sales talks break down, and more Tech.eu, 24 March 2023, retrieved 29 August 2024^
- Björn Godenrath. Atlantic Money legt Beschwerde gegen Wise ein Börsen-Zeitung, 23 March 2023, retrieved 29 August 2024^