Company:Atlantic Money

From HandWiki
Atlantic Money Inc.
IndustryFinancial services
FoundedDecember 2020; 5 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

Business model

Activities

Published applications

Atlantic Money has released mobile apps for both iOS[8] and Android[9] devices. The iOS app was launched first in the United Kingdom on 21 July 2022.[10][11] On 9 February 2023, the Android app followed.[12] Atlantic Money launched a web version of its app in May 2024 after hitting £400M+ in total volume.[13] 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.[14] Atlantic Money can be used by residents of the United Kingdom and 30 European countries[12][better source needed]</ref> to send euros or pounds sterling into 10 different foreign currencies.[15][16][17][18][19]

Complaints about Wise

In January 2023, Atlantic Money suspected its competitor Wise of harming competition in an official letter to the UK Competition and Markets Authority (CMA).[20] 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.[21][22][23] In March 2023, Atlantic Money approached the European Commission with its concerns about Wise's conduct.[24][25][26]

References

  1. ↑ "Companies House" (in en-UK). www.GOV.UK. 2 December 2020. https://find-and-update.company-information.service.gov.uk/company/13057810. 
  2. ↑ Dillet, Romain (5 March 2022). "Atlantic Money wants to challenge Wise with even cheaper international money transfers". TechCrunch. https://techcrunch.com/2022/03/09/atlantic-money-wants-to-challenge-wise-with-even-cheaper-international-money-transfers/. 
  3. ↑ Conchie, Charlie (2022-03-09). "Money transfer fintech launches in London to take on Wise and PayPal" (in en-GB). https://www.cityam.com/exclusive-money-transfer-fintech-launches-in-london-to-take-on-wise-and-paypal/. 
  4. ↑ "ATLANTIC MONEY LTD" (in en). https://find-and-update.company-information.service.gov.uk/company/13057810. 
  5. ↑ O'Brien, Amy (9 March 2022). "Meet the ex-Robinhood employees who are now taking on Wise". Sifted. https://sifted.eu/articles/atlantic-money-transfer/. 
  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" (in en-US). https://www.businessinsider.com/atlantic-money-foreign-exchange-fintech-startup-aims-to-take-on-wise-2022-4. 
  7. ↑ "Former Robinhood Employees Launch Fixed Fee Transfer Service Atlantic Money" (in en-US). 2022-03-09. https://www.pymnts.com/news/payment-methods/2022/former-robinhood-employees-launch-fixed-fee-transfer-service/. 
  8. ↑ "Atlantic Money on iOS app store". iOS App Store. 22 November 2024. https://apps.apple.com/gb/app/atlantic-money/id1600301653. 
  9. ↑ "Atlantic Money on Google play store". Google Play Store. https://play.google.com/store/apps/details?id=money.atlantic. 
  10. ↑ Simister, George (21 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". UK Tech. https://www.uktech.news/fintech/atlantic-money-uk-20220721. 
  11. ↑ Lanyon, Daniel (22 July 2022). "New startup Atlantic Money launches in the UK with just a £3 fixed fee". AltFi. https://www.altfi.com/article/9578_atlantic-money-goes-live-after-3m-seed-top-up. 
  12. ↑ 12.0 12.1 Dillet, Romain (9 February 2023). "Atlantic Money launches its cheap foreign exchange service across Europe". TechCrunch. https://techcrunch.com/2023/02/09/atlantic-money-launches-its-cheap-foreign-exchange-service-across-europe/. 
  13. ↑ "Atlantic Money arrives on the desktop" (in en). 2024-05-16. https://www.finextra.com/newsarticle/44156/atlantic-money-arrives-on-the-desktop/payments. 
  14. ↑ Hinton, Lauren (2024-09-02). "Beyond SWIFT: Atlantic Money Launches First App-Less Money Transfer Network, Compatible With All Bank Accounts on Day One". https://ffnews.com/newsarticle/fintech/beyond-swift-atlantic-money-launches-first-app-less-money-transfer-network-compatible-with-all-bank-accounts-on-day-one/. 
  15. ↑ Klingert, Liv (8 July 2022). "New fin-tech challenger gives users best-value money transfers". The Brussels Times. https://www.brusselstimes.com/251314/new-fin-tech-challenger-gives-users-best-value-money. 
  16. ↑ Preuschat, Archibald (23 August 2022). "Fintech fordert Fintechs heraus" (in de). Frankfurter Allgemeine Zeitung. https://www.faz.net/aktuell/finanzen/fintech-atlantic-money-greift-wise-und-western-union-an-18263100.html. 
  17. ↑ "La fintech Atlantic Money débarque en France" (in fr). Le Figaro. 1 December 2022. https://bourse.lefigaro.fr/indices/la-fintech-atlantic-money-debarque-en-france-20221201. 
  18. ↑ "Atlantic Money llega a España con una tarifa plana para transferencias" (in es-ES). El Economista. 9 December 2022. https://revistas.eleconomista.es/franquicias/2022/diciembre/atlantic-money-llega-a-espana-con-una-tarifa-plana-para-transferencias-ID12773586. 
  19. ↑ "Morning note: economia e finanza dai giornali" (in it). Il Sole 24 Ore. 6 January 2023. https://www.ilsole24ore.com/radiocor/nRC_06.01.2023_08.13_12510125?refresh_ce=1. 
  20. ↑ Conchie, Charlie (27 January 2023). "Competition watchdog is asked to step in over pricing spat between Wise and Atlantic Money". City A.M.. https://www.cityam.com/competition-watchdog-is-asked-to-step-in-over-pricing-spat-between-wise-and-competitor-atlantic-money/. 
  21. ↑ Browne, Ryan (27 January 2023). "$6.6 billion fintech Wise accused by rival of harming competition". CNBC. https://www.cnbc.com/2023/01/27/6point6-billion-worth-fintech-wise-accused-by-rival-of-harming-competition.html. 
  22. ↑ Makortoff, Kalyeena (27 January 2023). "UK fintech firm Wise accused of stifling competition by rival startup". The Guardian. https://www.theguardian.com/business/2023/jan/27/uk-fintech-firm-wise-accused-of-stifling-competition-by-rival-startup. 
  23. ↑ Hunt, Simon (26 January 2023). "Wise under fire as London fintech accused of hiding prices of cheaper rivals". The Evening Standard. https://www.standard.co.uk/business/wise-under-fire-as-fintech-is-accused-of-hiding-prices-of-cheaper-rivals-transfer-wise-atlantic-money-b1055813.html. 
  24. ↑ "Atlantic Money takes Wise beef to EU". Finextra. 27 March 2023. https://www.finextra.com/newsarticle/42041/atlantic-money-takes-wise-beef-to-eu. 
  25. ↑ 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. https://tech.eu/2023/03/24/this-week-in-european-tech-24-march-2023/. 
  26. ↑ Godenrath, Björn (23 March 2023). "Atlantic Money legt Beschwerde gegen Wise ein" (in de). Börsen-Zeitung. https://www.boersen-zeitung.de/banken-finanzen/atlantic-money-legt-beschwerde-gegen-wise-ein-4903631e-c95b-11ed-9936-51f7a183ae71. 



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