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Atlantic Money Inc.

From EverybodyWiki Bios & Wiki

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Atlantic Money Inc.
ISIN🆔
IndustryFinancial services
Founded 📆December 2020; 3 years ago (December 2020)[1]
Founder 👔Neeraj Baid
Patrick Kavanagh
Headquarters 🏙️London, England, UK
Area served 🗺️
Key people
Neeraj Baid (CEO)
ServicesMoney transfers, Remittance
Members
Number of employees
🌐 Websiteatlantic.money
📇 Address
📞 telephone

Atlantic Money is a London headquartered financial technology company that offers international money transfers through mobile apps.[2][3] The firm was founded in 2020[1] and officially launched in 2022 by two ​​Americans, Patrick Kavanagh and Neeraj Baid, both early employees of the listed US financial services company Robinhood.[4][5][6]

Funding[edit]

Atlantic Money received seed funding of $7.5m over two phases in 2022 from venture capital firms including Kleiner Perkins, Index Ventures (which also funded Atlantic Money’s competitor Wise), Coinbase-backer Ribbit, Amplo, Harry Stebbings’ 20VC, Nordstar, Elefund, Susa Ventures, Webull founder Anquan Wang and Robinhood founders Vladimir Tenev and Baiju Bhatt.[2][7][8][9][10]

Service[edit]

Atlantic Money offers international money transfers for a flat fixed fee at the current exchange rate for transfers worth up to 1 million pounds sterling or euros.[4][11][12] The firm is regulated as an official payment institution by the Financial Conduct Authority (FCA) in the UK[13] and the National Bank of Belgium (NBB) in the EU.[14][15][16]

Activities[edit]

Published applications[edit]

Atlantic Money has released mobile apps for both iOS[17] and Android[18] devices. The iOS app was launched first in the United Kingdom on 21 July, 2022.[19][20] On 9 February, 2023, the Android app followed.[21] The apps can be used across 29 European countries[21][22] to send euros or pounds sterling into different foreign currencies.[23][24][25][26][27]

Complaint 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 transfers price comparison table for economic reasons. Atlantic Money also charges 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]

References[edit]

  1. ↑ 1.0 1.1 "Companies House". www.GOV.UK. 2 December 2020. Retrieved 6 January 2023.
  2. ↑ 2.0 2.1 Dillet, Romain (5 March 2022). "Atlantic Money wants to challenge Wise with even cheaper international money transfers". TechCrunch. Retrieved 5 January 2023.
  3. ↑ Conchie, Charlie (9 March 2022). "Money transfer fintech launches in London to take on Wise and PayPal". City A.M. Retrieved 11 April 2023.
  4. ↑ 4.0 4.1 O'Brien, Amy (9 March 2022). "Meet the ex-Robinhood employees who are now taking on Wise". Sifted. Retrieved 11 April 2023.
  5. ↑ Burroughs, Calum (25 April 2022). "Atlantic Money, a fintech founded by Robinhood alumni, aims to dominate the foreign exchange industry by undercutting the likes of Wise and Revolut". Insider. Retrieved 6 January 2023.
  6. ↑ PYMNTS (9 March 2023). "Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money". www.pymnts.com. Retrieved 11 April 2023.
  7. ↑ "Launched by Rohinhood alumni, Atlantic Money takes on Wise, PayPal after picking $4.5M funding". Tech Funding News. 9 March 2022. Retrieved 5 January 2023.
  8. ↑ Allen, Patricia (21 July 2022). "Fintech startup Atlantic Money scores an additional €2.9 million to launch its money transfer service". EU-Startups. Retrieved 21 March 2023.
  9. ↑ Leigh, Dana (8 November 2022). "Meet Patrick Kavanagh, Co-Founder at Foreign Exchange Company: Atlantic Money". TechRound. Retrieved 11 April 2023.
  10. ↑ "Atlantic Money launches in the UK and raises USD 3 mln". The Paypers. 21 July 2022. Retrieved 5 January 2023.
  11. ↑ Isaacs, Amelia (10 February 2023). "Atlantic Money completes EU launch of fx service". AltFi. Retrieved 11 April 2023.
  12. ↑ Bleach, Tom (2 December 2022). "Atlantic Money Launches Flat Fee Transfers in France, Italy and Spain". The Fintech Times. Retrieved 9 January 2023.
  13. ↑ "Atlantic Money Ltd". Financial Conduct Authority. 18 February 2022. Retrieved 8 February 2022.
  14. ↑ "Payment institutions licensed in Belgium". National Bank of Belgium. 21 June 2022. Retrieved 8 February 2022.
  15. ↑ Simister, George (29 June 2022). "London-based fintech Atlantic Money gains payments licence in Europe". UK Tech. Retrieved 11 April 2023.
  16. ↑ Isaacs, Amelia (28 June 2022). "New money transfer challenger secures EU licence". AltFi. Retrieved 11 April 2023.
  17. ↑ "Atlantic Money on iOS app store". iOS App Store.
  18. ↑ "Atlantic Money on Google play store". Google Play Store.
  19. ↑ Simister, George (21 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". UK Tech. Retrieved 11 April 2023.
  20. ↑ Lanyon, Daniel (22 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". AltFi. Retrieved 11 April 2023.
  21. ↑ 21.0 21.1 Dillet, Romain (9 February 2023). "Atlantic Money launches its cheap foreign exchange service across Europe". TechCrunch. Retrieved 9 February 2023.
  22. ↑ Methri, Gloria (10 February 2023). "Atlantic Money completes EU launch of foreign exchange services". IBS Intelligence. Retrieved 13 April 2023.
  23. ↑ Klingert, Liv (8 July 2022). "New fin-tech challenger gives users best-value money transfers". The Brussels Times. Retrieved 13 April 2022.
  24. ↑ Preuschat, Archibald (23 August 2022). "Fintech fordert Fintechs heraus". Frankfurter Allgemeine Zeitung (in Deutsch). Retrieved 13 April 2022.
  25. ↑ "La fintech Atlantic Money débarque en France". Le Figaro (in français). 1 December 2022. Retrieved 13 April 2023.
  26. ↑ "Atlantic Money llega a España con una tarifa plana para transferencias". El Economista (in español). 9 December 2022. Retrieved 13 April 2022.
  27. ↑ "Morning note: economia e finanza dai giornali". Il Sole 24 Ore (in italiano). 6 January 2023. Retrieved 13 April 2022.
  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 22 March 2023.
  29. ↑ Browne, Ryan (27 January 2023). "$6.6 billion fintech Wise accused by rival of harming competition". CNBC. Retrieved 7 February 2023.
  30. ↑ Makortoff, Kalyeena (27 January 2023). "UK fintech firm Wise accused of stifling competition by rival startup". The Guardian. Retrieved 7 February 2023.
  31. ↑ Hunt, Simon (26 January 2023). "Wise under fire as London fintech accused of hiding prices of cheaper rivals". The Evening Standard. Retrieved 11 April 2023.
  32. ↑ "Atlantic Money takes Wise beef to EU". Finextra. 27 March 2023. Retrieved 13 April 2023.
  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 13 April 2023.
  34. ↑ Godenrath, Björn (23 March 2023). "Atlantic Money legt Beschwerde gegen Wise ein". Börsen-Zeitung (in Deutsch). Retrieved 13 April 2023.

External links[edit]



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