The British financial services company Atlantic Money says it will take on Revolut and Wise, two of the UK’s biggest names in digital banking. The move comes as part of a major expansion plan by Atlantic that includes the creation of a cryptocurrency trading desk. For those who don’t know, Revolut is an international digital bank with millions of users across Europe while Wise was founded in 2017 and launched its app last year.
Atlantic Money promises to take on Revolut and Wise. They are a new company that has been created by former Revolut employees. Atlantic Money is a cryptocurrency platform that allows people to buy, sell, and exchange cryptocurrencies in an easy-to-use way.
Atlantic Money is a money transfer financial technology (fintech) company founded by two of Robinhood’s early employees. The company has acknowledged that it has emerged from stealth mode, promising to compete with Revolut and Wise with a lower-cost option for higher-value transactions.
Being American expats in London, co-founders Neeraj Baid and Patrick Kavanagh questioned why, more than a decade after the first fintech rivals emerged, they were still being paid £100s in exchange rate costs for a largely automated transaction service.
According to Atlantic Money, the incumbents’ set percentage rates punish customers with increasing fees for various expenditures that do not exist. The company aims to redress the imbalance by delivering the live mid-market currency rate as well as a flat set cost of £3 for transactions up to £1 million.
Customers can send money from the UK in sterling pounds (GBP) to nine currencies, including SEK, NOK, DKK, USD, EUR, AUD, CZK, PLN, and CAD, with new currency corridors being added on a regular basis after launch.
The new service is available to anybody moving money internationally, but its major goal is to reduce costs for those sending sums more than £1,000, who are currently receiving the poorest deal:
“Unlike our rivals, we don’t subsidize expenditures related with goods and services that our clients don’t care about,” Kavanagh adds. “It’s a straightforward pitch: with Atlantic Money, all transfers up to £1,000,000 get the live mid-market currency rate for a flat set charge of £3, saving you up to 99 percent compared to our rivals.”
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.
Atlantic Money is a new cryptocurrency that promises to take on Revolut and Wise. Atlantic Money has been around since 2014 and is currently in beta testing. Reference: atlantic money reviews.
