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Atlantic Money secured 2.9 million euros in the seed funding round conducted on 21st July. The startup now has its money transfer services available in the UK and plans to expand further within the EU in the coming months.
Launching of Atlantic Money
Atlantic Money’s aim to ensure that its foreign exchange services are substantially cheaper than the available options. Companies like Wise and Revolut were started with the same mission. The firm, which was founded in 2021 by two former Robinhood employees, Patrick Kavanagh and Neeraj Baid, seeks to avail fees that are much more cost-effective.
Indeed, it claims that its customers have an opportunity to save up to 99% of the applicable costs. As stated on the company’s website, customers are able to send up to one million pounds at the live mid-market rate at a fixed fee of 3 pounds.
According to the firm’s co-founder, Kavanagh, “The previous generation of challengers like Revolut and Wise disrupted the banks, bringing better technology and lower fees…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.”
Funding round
Atlantic Money has gotten a step closer to realizing its goal by securing 2.9 million euros through a seed funding round on 21st July 2022. Index Ventures, Nordstar, Kleiner Perkins, and Ribbit participate led the new funding.
The fintech startup intends to use the funds for international expansions. As at now, the money-transfer services are available for customers within the United Kingdom. The company’s plans to expand to other countries within the European Union in coming months.
It will be interesting to observe how Atlantic Money will perform amid the competitive international payments market. Its competitors such as Wise and PayPal have been operating in a rather tough environment amid the high inflation and concerns over slowed global economic growth.
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