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Atlantic Money introduces fixed fee international transfers for businesses

Friday 1 September 2023 12:40 CET | News

UK-based fintech Atlantic Money has introduced fixed fee international transfer services to businesses in 29 countries.


As of the announcement, companies can send up to GBP 1 million abroad at the current exchange rate for a fee of GBP 3. Atlantic Money enables businesses to reduce the costs of global payments during a period of rising inflation and logistical post-pandemic issues. 

UK-based fintech Atlantic Money has introduced fixed fee international transfer services to businesses in 29 countries.

 

More information about the launch

By entering the business-to-business (B2B) and business-to-consumer (B2C) sectors, Atlantic Money projects that it will increase the impact of flat-rate international transfers. In its first year, the company transferred GBP 160 million to its customers abroad. However, at that time, payments for businesses were not enabled, nor was the largest target currency for international transfers, the Indian Rupee. By introducing transfers for businesses, Atlantic Money expects more increased growth in the upcoming year of operations.

According to an Ernst & Young (EY) study, businesses account for 97% of the global money transfer market, with a total value of GBP 120 trillion, therefore Atlantic Money’s launch has been encouraged by this data.

Moreover, the flat-rate pricing structure that the company offers may benefit businesses that transact larger amounts, as for a transaction up to GBP 1 million the differences amount to several thousand pounds.

Atlantic Money’s officials have stated that their vision is to enhance the current features of businesses and not replace traditional bank accounts. Their objective is for businesses to integrate Atlantic Money seamlessly while maintaining existing accounts intact. Furthermore, the company wants to offer a user-friendly experience, leveraging on the compatibility between their services and businesses’ current financial setup. 

About Atlantic Money

Since its launch, the company has seen a significant increase in both transfer volume and cost savings, facilitating over GBP 160 million in transfers during its first year of operation. The customers’ total amount of savings in fees amounted to approximately GBP 650,000, based on comparisons with other similar service providers.

Back in February 2023, Atlantic Money
announced the expansion of its international money transfer service to several other platforms and markets across Europe. Users can convert EUR through the company’s application and send the amount to a foreign financial institution or bank account, in multiple currencies.

Atlantic Money expanded its remittance solution in France, Italy, and Spain in December 2022, localising its application and website, and increasing the sending limit.

The company was founded in 2020 and it is currently available in 29 countries following the official launch in July 2022. Moreover, the company raised USD 3 million to expand internationally, in addition to USD 4.5 million in its initial seed funding from investors, including Index Ventured, Ribbit & Kleiner Perkins. 

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Keywords: cross-border payments, money transfer, remittance, digital payments
Categories: Payments & Commerce
Companies: Atlantic Money
Countries: World
This article is part of category

Payments & Commerce

Atlantic Money

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