Atlantic Money, a new player in the foreign exchange space, is challenging established names like Wise and Revolut by offering a significantly simpler and cheaper pricing model.The startup charges a flat £3 fee for international transfers, with no additional markup on exchange rates. This model positions Atlantic Money as an attractive option for users sending larger amounts, particularly those transferring over £1,000.
A Streamlined Approach
Founded by Neeraj Baid and Patrick Kavanagh, who previously worked at Robinhood, Atlantic Money focuses solely on international money transfers. Unlike competitors that bundle various services into their offerings, this startup prioritizes simplicity and cost-efficiency.
Its flat-fee structure contrasts with the progressive fees often charged by other platforms, and its absence of exchange rate markups underscores its commitment to transparency.
Initial Offering
Currently, Atlantic Money supports transfers from the U.K. in GBP to nine currencies, including USD, EUR, AUD, CAD, SEK, NOK, DKK, PLN, and CZK. Users can initiate transfers via local bank transfers, with options for standard (2-3 business days) and express (same-day) delivery.
Backed by Notable Investors
Atlantic Money has raised $4.5 million in seed funding from investors including Amplo, Ribbit Capital, and Robinhood founders Vlad Tenev and Baiju Bhatt. Other notable backers include Webull’s Anquan Wang.
Competitive Landscape
Atlantic Money enters a market dominated by feature-rich platforms like Wise and Revolut. Wise, for instance, offers additional tools such as local account details in multiple countries, while Revolut provides services like bank accounts, cryptocurrency trading, and premium plans that waive FX fees.
Despite these options, Atlantic Money’s flat-fee model and focus on high-value transfers provide an alternative for users prioritizing cost savings over additional features.
A New Choice for Select Users
Atlantic Money is carving out its niche by targeting users who frequently send large sums between the U.K., Europe, and North America. While established players cater to diverse needs, Atlantic Money’s focus on simplicity and affordability could make it a compelling choice for those looking for a straight forward money transfer solution.
