Atlantic Money
 
 
Atlantic Money is a London-headquartered financial technology company that offers international money transfers for a fixed fee. The firm was founded in 2020 and officially launched in 2022 by two Americans, Neeraj Baid and Patrick Kavanagh, both early employees of the listed US financial services company Robinhood.

 Funding 
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.

 Business Model 
Atlantic Money operates on a fixed-fee model for international money transfers, which differs from the percentage-based fees often used by competitors. The company charges a flat fee of £3 or €3 for transfers up to £1 million or €1 million, respectively. This model aims to provide cost savings for customers, particularly for larger transfer amounts where percentage-based fees can become significant.

 Service 

Atlantic Money operates on a fixed-fee model for international money transfers, which differs from the percentage-based fees often used by competitors. The company charges a flat fee of £3 or €3 for transfers up to £1 million or €1 million, respectively. This model aims to provide cost savings for customers, particularly for larger transfer amounts where percentage-based fees can become substantial.

 Coverage and Supported Currencies 

Atlantic Money offers international money transfer services primarily within the European Economic Area (EEA) and the United Kingdom. As of 2024, the company's services are available to residents of 29 European countries.

 Supported Countries 

Atlantic Money's services are available to residents of the following countries:

 United Kingdom
 All 27 European Union member states
 Norway

 Supported Currencies 

While Atlantic Money primarily deals with transfers in euros (EUR), US Dollar (USD), and pounds sterling (GBP), they support transfers to a wide range of global currencies. The exact number of supported currencies may vary and expand over time, but typically includes major world currencies such as:

 US Dollar (USD)
 Canadian Dollar (CAD)
 Australian Dollar (AUD)
 Swiss Franc (CHF)
 Japanese Yen (JPY)
 Danish Krone (DKK)
 Indian Rupee (INR)
 Norwegian Krone (NOK)
 Polish Zloty (PLN)
 Swedish Krona (SEK)

And many others. Users can send money from their EUR, USD, or GBP accounts to these various currencies.

 Exchange Rates 

Atlantic Money uses the interbank exchange rate for currency conversions, without adding any markup. This practice, combined with their flat fee model, can result in significant savings for customers, especially for larger transfer amounts.

 Transfer Limits 

Atlantic Money allows transfers of up to 1 million pounds sterling or euros per transaction. This high limit is particularly beneficial for customers making large transfers, as the fixed-fee model becomes increasingly cost-effective for larger amounts.

 Market Position 
As a relatively new entrant in the international money transfer market, Atlantic Money positions itself as a disruptor to established players like Wise and PayPal. The company's fixed-fee model targets both individual and business customers who frequently make larger international transfers. While specific market share data is not publicly available, Atlantic Money has reported processing over £400 million in total transaction volume as of May 2024.

 Future Plans 
As of 2024, Atlantic Money has expressed intentions to expand its services beyond Europe, although specific timelines and target markets have not been publicly announced. The company has also indicated plans to introduce additional features to its platform, potentially including multi-currency accounts and integration with other financial services. 

 Activities 
 Published applications 
Atlantic Money has released mobile apps for both iOS and Android devices. The iOS app was launched first in the United Kingdom on 21 July 2022. On 9 February 2023, the Android app followed. Atlantic Money launched a desktop version of its app in May 2024 after hitting £400M+ in total volume. The service can be used across 29 European countries to send euros or pounds sterling into different foreign currencies.

 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). 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. In March 2023, Atlantic Money approached the European Commission with its concerns about Wise's conduct. To give people access to a comparison of the two companies, Atlantic Money published a comparison page where it compares in real-time against Wise.

 References 

 External links 
Official website

Category:Online remittance providers
Category:Foreign exchange companies
Category:Foreign exchange market
Category:Electronic funds transfer