Atlantic Money Emerges From Stealth
Atlantic Money, a new money transfer provider is bringing institutional pricing to people sending larger amounts of money abroad, dramatically undercutting the pricing model of incumbent providers.
For the first time, customers can send up to £1 million per transfer whilst securing the live mid-market currency rate for a flat fixed-fee of £3, enabling savings of up to 99% versus existing services.
Co-founders Neeraj Baid & Patrick Kavanagh were early employees of trading platform Robinhood.
Amplo & Ribbit Capital led Atlantic Money’s $4.5m seed funding round, with participation from Kleiner Perkins, Index Ventures, Harry Stebbings’ 20VC, Elefund, Day One Ventures & Susa Ventures.
Vlad Tenev and Baiju Bhatt, the founders of Robinhood, & Anquan Wang, founder of Webull, also invest.
London, 09 March 2022: Atlantic Money has today emerged from stealth with a mission to bring equality to the global money transfer market. As American expats in London, co-founders Patrick and Neeraj wondered why, more than a decade after the emergence of the first fintech challengers, they were still being hit with £100's in exchange rate fees for a service that was largely automated.
As they researched the global FX market they discovered that big institutions move unlimited money around the world at effectively zero cost, securing the live exchange rate by working directly with one another. The progressive fees that retail customers are being charged by existing money transfer providers do not exist - in fact, the cost of sending money internationally is largely fixed per transaction, even when sending large amounts.
Yet the incumbent money transfer providers have built businesses dependent on penalising the customers who need them most - because the more you send, the more you pay. Customers who have family or financial commitments abroad such as mortgages, credit cards, investments, tuition fees are sending thousands of pounds per month, while being charged unjustifiable fees.
Atlantic Money is putting an end to this. With a friction-free app, plus a technology platform that cuts out the middleman, it directly connects everyday customers to an institutional-grade currency transfer solution. Now, pricing previously reserved for the banks will be available to regular customers, making the cost of £1,000+ transfers with Atlantic Money lower than all other money transfer providers on the market.
Atlantic Money is the only international money transfer provider to offer the live mid-market currency rate and a flat fixed-fee of £3 for transfers all the way up to £1,000,000.
At launch, the app will enable customers to send money from the UK in GBP into 9 currencies including USD, EUR, AUD, CAD, SEK, NOK, DKK, PLN and CZK, with new currency corridors and advanced product features being added continuously post launch.
Atlantic Money customers can expect:
A £3 flat fee on transfers all the way up to £1,000,000
The real, live interbank exchange rate (0% FX commission)
Savings of up to 99% vs providers inc. Paypal, Wise, and Western Union
Standard delivery takes just a few days, with Express delivery available when needed
Simple, fast, and secure global money transfers in a frictionless app
Atlantic Money is accessible to anyone transferring money abroad, but its core focus is to facilitate substantial cost-efficiencies for people sending sums over £1,000 who are currently getting the worst deal:
Helping Atlantic Money execute on its mission are some of the world's best investors including Amplo, Ribbit, Index Ventures, 20VC, Kleiner Perkins, Elefund, and Day One Ventures alongside its own global team of finance and technology experts from global giants including Robinhood, Wise, Amazon, Tinkoff, Monzo and Capco.
Atlantic invites customers to sign up on the website to try the product before anyone else.
Atlantic Money Ltd is authorised and regulated by the Financial Conduct Authority as a payment institution.
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About Atlantic Money:
Atlantic Money Ltd is a venture-backed entity with global investors such as Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Amplo, and Elefund. Atlantic Money Ltd is authorised and regulated by the Financial Conduct Authority as a payment institution (FRN: 947491). Registered in England & Wales (13057810). For more information, visit www.atlantic.money.
Neeraj Baid and Patrick Kavanagh founded Atlantic Money in 2020. Whilst working in brokerage, Neeraj and Patrick learned that banks and large institutions convert nearly unlimited amounts of currency for fixed fees, at far lower prices, while regular people are charged more fees the more they send. They decided it was time to make those rates available to individuals by building direct connections to the world’s largest currency exchanges, and now pricing typically reserved for institutions is available to regular people.
Atlantic is the only international money transfer provider with a zero FX markup and low fixed-fee pricing. Atlantic enables retail customers to transfer money between 10 currencies, with more launching soon.