Atlantic Money Explained
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.[8] [9] [10] [11]
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.[12]
Market position
As a relatively new entrant in the international money transfer market, Atlantic Money positions itself as a disruptor to established players like Wise and PayPal. The company's fixed-fee model targets both individual and business customers who frequently make larger international transfers.[13] While specific market share data is not publicly available, Atlantic Money has reported processing over £400 million in total transaction volume as of May 2024.[14]
Activities
Published applications
Atlantic Money has released mobile apps for both iOS[15] and Android[16] devices. The iOS app was launched first in the United Kingdom on 21 July 2022.[17] [18] On 9 February 2023, the Android app followed.[19] Atlantic Money launched a web version of its app in May 2024 after hitting £400M+ in total volume.[20] 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.[21] Atlantic Money can be used by residents of the United Kingdom and 30 European countries[22] to send euros or pounds sterling into 10 different foreign currencies.[23] [24] [25] [26] [27]
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).[28] 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.[29] [30] [31] In March 2023, Atlantic Money approached the European Commission with its concerns about Wise's conduct.[32] [33] [34] To give people access to a comparison of the two companies, Atlantic Money published a comparison page where it compares in real-time against Wise.[35]
External links
Notes and References
- Web site: Companies House . 2 December 2020 . 29 August 2024 . www.GOV.UK . en-UK.
- News: Dillet . Romain . 5 March 2022 . Atlantic Money wants to challenge Wise with even cheaper international money transfers . 29 August 2024 . TechCrunch.
- Web site: Conchie . Charlie . 2022-03-09 . Money transfer fintech launches in London to take on Wise and PayPal . 29 August 2024 . CityAM . en-GB.
- Web site: ATLANTIC MONEY LTD . 29 August 2024 . gov.uk . en.
- News: O'Brien . Amy . 9 March 2022 . Meet the ex-Robinhood employees who are now taking on Wise . Sifted . 29 August 2024.
- Web site: Burroughs . Callum . Atlantic Money, a fintech founded by Robinhood alumni, aims to dominate the foreign exchange industry by undercutting the likes of Wise and Revolut . 29 August 2024 . Business Insider . en-US.
- Web site: 2022-03-09 . Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money . 29 August 2024 . PYMNTS.com . en-US.
- Web site: 2022-03-09 . Launched by Rohinhood alumni, Atlantic Money takes on Wise, PayPal after picking $4.5M funding — TFN . 29 August 2024 . Tech Funding News . en.
- Web site: Allen . Patricia . 2022-07-21 . Fintech startup Atlantic Money scores an additional €2.9 million to launch its money transfer service . 29 August 2024 . EU-Startups . en-US.
- News: Leigh . Dana . 8 November 2022 . Meet Patrick Kavanagh, Co-Founder at Foreign Exchange Company: Atlantic Money . TechRound . 29 August 2024.
- Web site: Atlantic Money launches in the UK and raises USD 3 mln . 29 August 2024 . thepaypers.com . en.
- Web site: Atlantic Money launches its cheap foreign exchange service across Europe. Dillet. Romain. 9 February 2023. TechCrunch. 29 August 2024.
- Web site: Atlantic Money, a fintech founded by Robinhood alumni, aims to dominate the foreign exchange industry by undercutting the likes of Wise and Revolut. Burroughs. Callum. Business Insider. 29 August 2024.
- Web site: Atlantic Money arrives on the desktop. Finextra Research. 2024-05-16. 29 August 2024.
- Web site: Atlantic Money on iOS app store . iOS App Store.
- Web site: Atlantic Money on Google play store . Google Play Store.
- News: Simister . George . 21 July 2022 . New startup Atlantic Money launches in the UK with just a £3 fixed fee . UK Tech . 29 August 2024.
- News: Lanyon . Daniel . 22 July 2022 . New startup Atlantic Money launches in the UK with just a £3 fixed fee . https://web.archive.org/web/20220817043235/https://www.altfi.com/article/9578_atlantic-money-goes-live-after-3m-seed-top-up . 2022-08-17 . 29 August 2024 . AltFi.
- News: Dillet . Romain . 9 February 2023 . Atlantic Money launches its cheap foreign exchange service across Europe . 29 August 2024 . TechCrunch.
- Web site: 2024-05-16 . Atlantic Money arrives on the desktop . 29 August 2024 . Finextra Research . en.
- Web site: Hinton . Lauren . 2024-09-02 . Beyond SWIFT: Atlantic Money Launches First App-Less Money Transfer Network, Compatible With All Bank Accounts on Day One . 2024-10-19 . FF News Fintech Finance.
- News: Methri . Gloria . 10 February 2023 . Atlantic Money completes EU launch of foreign exchange services . 29 August 2024 . IBS Intelligence.
- News: Klingert . Liv . 8 July 2022 . New fin-tech challenger gives users best-value money transfers . 29 August 2024 . The Brussels Times.
- News: Preuschat . Archibald . 23 August 2022 . Fintech fordert Fintechs heraus . 29 August 2024 . Frankfurter Allgemeine Zeitung . de.
- News: 1 December 2022 . La fintech Atlantic Money débarque en France . 29 August 2024 . Le Figaro . fr.
- News: 9 December 2022 . Atlantic Money llega a España con una tarifa plana para transferencias . 29 August 2024 . El Economista . es-ES.
- News: 6 January 2023 . Morning note: economia e finanza dai giornali . Il Sole 24 Ore . 29 August 2024 . it.
- News: Conchie . Charlie . 27 January 2023 . Competition watchdog is asked to step in over pricing spat between Wise and Atlantic Money . 29 August 2024 . City A.M..
- News: Browne . Ryan . 27 January 2023 . $6.6 billion fintech Wise accused by rival of harming competition . 29 August 2024 . CNBC.
- News: Makortoff . Kalyeena . 27 January 2023 . UK fintech firm Wise accused of stifling competition by rival startup . 29 August 2024 . The Guardian.
- News: Hunt . Simon . 26 January 2023 . Wise under fire as London fintech accused of hiding prices of cheaper rivals . 29 August 2024 . The Evening Standard.
- News: 27 March 2023 . Atlantic Money takes Wise beef to EU . Finextra . 29 August 2024.
- News: Wauters . Robin . 24 March 2023 . 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 . 29 August 2024.
- News: Godenrath . Björn . 23 March 2023 . Atlantic Money legt Beschwerde gegen Wise ein . 29 August 2024 . Börsen-Zeitung . de.
- Web site: admin . 2023-08-31 . Atlantic Money launches fixed fee international transfers for businesses while competition raises prices . 2024-08-29 . FF News Fintech Finance.