Atlantic Money Promises To Take On Revolut And Wise – Cryptovibes.com – Daily Cryptocurrency and FX News
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Atlantic Money is a money transfer financial technology (fintech) that was launched by two early employees of Robinhood. The firm has confirmed that it has moved out of stealth with a promise to take on the likes of Revolut and Wise with a cheaper offering for bigger value transactions.
Being American expats in London, the co-founders Neeraj Baid and Patrick Kavanagh wondered why, over a decade after the emergence of the first fintech challengers, they were still being charged £100’s in exchange rate fees for a transaction service that was mostly automated.
Atlantic Money states that the fixed percentage rates charged by the incumbents penalize clients with progressive fees for many costs that do not exist. The firm strives to correct the imbalance by offering the live mid-market currency rate and a flat fixed-fee of £3 for transfers ranging up to £1 million.
Launching originally for the United Kingdom users on March 9, the app will enable the customers to send money from the UK in sterling pounds (GBP) into nine currencies including SEK, NOK, DKK, USD, EUR, AUD, CZK, PLN, and CAD, with new currency corridors getting added continuously post-launch.
The new service is accessible to everyone who is transferring money abroad, but its primary focus is to facilitate considerable cost-efficiencies for people sending amounts more than £1,000 who are now getting the worst deal:
“Unlike our competitors, we are not subsidizing costs associated with products and services that our customers have little interest in,” says Kavanagh. “It’s a simple pitch – with Atlantic Money all transfers up to £1,000,000 receive the live mid-market currency rate for a flat fixed-fee of £3, delivering savings of up to 99% versus all our competitors.”
The firm has raised $4.5 million in seed funding from Amplo & Ribbit Capital with participation from Harry Stebbings’ 20VC, Elefund, Kleiner Perkins, Index Ventures, and Day One Ventures & Susa Ventures. Baiju Bhatt and Vlad Tenev, the founders of Robinhood, and Anquan Wang, the founder of Webull, also invested.
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