Atlantic Money launches in UK with £2.5m raise for international cash transfers

Atlantic Money UK Image credit: Atlantic Money

Fintech startup Atlantic Money today is launching its money transfer service in the UK and has raised a further $3m (£2.5m) in seed funding led by Amplo.

Atlantic Money lets users send up to £1m internationally for a flat fee of £3 and has no FX mark-up.

Emerging from stealth in March, the company has received a Financial Conduct Authority (FCA) licence, which is required for Atlantic money to operate in the UK.

“The previous generation of challengers like Revolut and Wise disrupted the banks, bringing better technology and lower fees. But they have since lost focus and abandoned the very product that made them great in a quest to build the next ‘super app’,” said Patrick Kavanagh, co-founder, Atlantic Money.

The fintech startup last month gained its payments licence in Europe, which means it can provide its service in the region.

Atlantic Money was founded last year by Patrick Kavanagh and Neeraj Baid, who as American expats had to pay hundreds of dollars in fees when sending money back home.

Neeraj Baid, co-founder, Atlantic Money, said: “Large financial institutions move unlimited money around the world at effectively zero cost and secure the live exchange rate by working directly with one another. Meanwhile, retail customers are charged progressive fees and unjustifiable exchange rates.”

Investors in the seed also included Nordstar and ex-Lazada executive Martell Hardenberg. It adds to the fintech’s previous seed capital raise of $4.5m (£3.7m).

Atlantic Money says that its service will be coming to “EU residents in the coming months”.

Last week saw fellow money transfer platform SendSprint launch in the UK.