Jump to content

Atlantic Money

Add links
From Wikipedia, the free encyclopedia

Atlantic Money Inc.
IndustryFinancial services
FoundedDecember 2020; 3 years ago (December 2020)[1]
FounderNeeraj Baid
Patrick Kavanagh
HeadquartersLondon, England, UK
Key people
Neeraj Baid (CEO)
ServicesMoney transfers, Remittance
Websiteatlantic.money

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

[edit]

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][8][9][10][11]

Business Model

[edit]

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

[edit]

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

[edit]

Published applications

[edit]

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[19][22] to send euros or pounds sterling into 10 different foreign currencies.[23][24][25][26][27]

Complaints about Wise

[edit]

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]

References

[edit]
  1. ^ "Companies House". www.GOV.UK. 2 December 2020. Retrieved 29 August 2024.
  2. ^ a b Dillet, Romain (5 March 2022). "Atlantic Money wants to challenge Wise with even cheaper international money transfers". TechCrunch. Retrieved 29 August 2024.
  3. ^ Conchie, Charlie (2022-03-09). "Money transfer fintech launches in London to take on Wise and PayPal". CityAM. Retrieved 29 August 2024.
  4. ^ "ATLANTIC MONEY LTD". gov.uk. Retrieved 29 August 2024.
  5. ^ O'Brien, Amy (9 March 2022). "Meet the ex-Robinhood employees who are now taking on Wise". Sifted. Retrieved 29 August 2024.
  6. ^ 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". Business Insider. Retrieved 29 August 2024.
  7. ^ "Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money". PYMNTS.com. 2022-03-09. Retrieved 29 August 2024.
  8. ^ "Launched by Rohinhood alumni, Atlantic Money takes on Wise, PayPal after picking $4.5M funding — TFN". Tech Funding News. 2022-03-09. Retrieved 29 August 2024.
  9. ^ Allen, Patricia (2022-07-21). "Fintech startup Atlantic Money scores an additional €2.9 million to launch its money transfer service". EU-Startups. Retrieved 29 August 2024.
  10. ^ Leigh, Dana (8 November 2022). "Meet Patrick Kavanagh, Co-Founder at Foreign Exchange Company: Atlantic Money". TechRound. Retrieved 29 August 2024.
  11. ^ "Atlantic Money launches in the UK and raises USD 3 mln". thepaypers.com. Retrieved 29 August 2024.
  12. ^ Dillet, Romain (9 February 2023). "Atlantic Money launches its cheap foreign exchange service across Europe". TechCrunch. Retrieved 29 August 2024.
  13. ^ 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". Business Insider. Retrieved 29 August 2024.
  14. ^ "Atlantic Money arrives on the desktop". Finextra Research. 2024-05-16. Retrieved 29 August 2024.
  15. ^ "Atlantic Money on iOS app store". iOS App Store.
  16. ^ "Atlantic Money on Google play store". Google Play Store.
  17. ^ Simister, George (21 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". UK Tech. Retrieved 29 August 2024.
  18. ^ Lanyon, Daniel (22 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". AltFi. Archived from the original on 2022-08-17. Retrieved 29 August 2024.
  19. ^ a b Dillet, Romain (9 February 2023). "Atlantic Money launches its cheap foreign exchange service across Europe". TechCrunch. Retrieved 29 August 2024.
  20. ^ "Atlantic Money arrives on the desktop". Finextra Research. 2024-05-16. Retrieved 29 August 2024.
  21. ^ Hinton, Lauren (2024-09-02). "Beyond SWIFT: Atlantic Money Launches First App-Less Money Transfer Network, Compatible With All Bank Accounts on Day One". FF News | Fintech Finance. Retrieved 2024-10-19.
  22. ^ Methri, Gloria (10 February 2023). "Atlantic Money completes EU launch of foreign exchange services". IBS Intelligence. Retrieved 29 August 2024.
  23. ^ Klingert, Liv (8 July 2022). "New fin-tech challenger gives users best-value money transfers". The Brussels Times. Retrieved 29 August 2024.
  24. ^ Preuschat, Archibald (23 August 2022). "Fintech fordert Fintechs heraus". Frankfurter Allgemeine Zeitung (in German). Retrieved 29 August 2024.
  25. ^ "La fintech Atlantic Money débarque en France". Le Figaro (in French). 1 December 2022. Retrieved 29 August 2024.
  26. ^ "Atlantic Money llega a España con una tarifa plana para transferencias". El Economista (in European Spanish). 9 December 2022. Retrieved 29 August 2024.
  27. ^ "Morning note: economia e finanza dai giornali". Il Sole 24 Ore (in Italian). 6 January 2023. Retrieved 29 August 2024.
  28. ^ Conchie, Charlie (27 January 2023). "Competition watchdog is asked to step in over pricing spat between Wise and Atlantic Money". City A.M. Retrieved 29 August 2024.
  29. ^ Browne, Ryan (27 January 2023). "$6.6 billion fintech Wise accused by rival of harming competition". CNBC. Retrieved 29 August 2024.
  30. ^ Makortoff, Kalyeena (27 January 2023). "UK fintech firm Wise accused of stifling competition by rival startup". The Guardian. Retrieved 29 August 2024.
  31. ^ Hunt, Simon (26 January 2023). "Wise under fire as London fintech accused of hiding prices of cheaper rivals". The Evening Standard. Retrieved 29 August 2024.
  32. ^ "Atlantic Money takes Wise beef to EU". Finextra. 27 March 2023. Retrieved 29 August 2024.
  33. ^ 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. Retrieved 29 August 2024.
  34. ^ Godenrath, Björn (23 March 2023). "Atlantic Money legt Beschwerde gegen Wise ein". Börsen-Zeitung (in German). Retrieved 29 August 2024.
  35. ^ admin (2023-08-31). "Atlantic Money launches fixed fee international transfers for businesses while competition raises prices". FF News | Fintech Finance. Retrieved 2024-08-29.
[edit]
Retrieved from "https://wiki.riteme.site/w/index.php?title=Atlantic_Money&oldid=1251949199"