Atlantic Money launches in the UK and raises USD 3 mln

Thursday 21 July 2022 12:25 CET | News

UK-based Atlantic Money has gone live in the UK and raised USD 3 million to expand internationally.

Now, everyone in the UK can transfer up to GBP 1,000,000 abroad for a fixed fee of GBP 3 and at the interbank mid-market rate with no foreign exchange (FX) mark-up. The low-cost transfers can be made via the Atlantic Money iOS App.

The further USD 3 million in seed funding was led by Amplo and included Nordstar and former Lazada executive, Martell Hardenberg. This is in addition to USD 4.5 million in initial seed funding from investors including Index Ventures, Ribbit & Kleiner Perkins.

Atlantic Money’s app is a way of moving money across borders. The fixed flat fee of GBP 3 undercuts incumbent money transfer providers as customers save 75% compared to Wise and up to 99% when compared to other competitors, according to the press release.

Usershate to download the app, go through a one-minute verification process, and can immediately begin transferring money. They can select standard delivery or opt for express delivery for a small additional fee of 0.05% – a GBP 1,000 express transfer costs just GBP 3.05.

Customers can send money from the UK in GBP into 9 currencies including USD, EUR, AUD, CAD, SEK, NOK, DKK, PLN, and CZK, with new currency corridors and advanced product features being added continuously post-launch.

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Keywords: money transfer, product launch, funding, expansion, remittance
Categories: Payments & Commerce
Companies: Atlantic Money
Countries: World
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Payments & Commerce

Atlantic Money

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