Atlantic Money secures $4.5m in seed funding from global investors to launch its transfer platform.
The round was led by Amplo and Ribbit Capital to support the platform launch.
≈ £3.4M at $1 = £0.7584 on 9 Mar 2022
Atlantic Money is a money transfer provider offering low-cost international payments for retail customers.
Atlantic Money has secured $4.5m in seed funding to launch its money transfer service. The round was led by Amplo and Ribbit Capital, with participation from several other investors including Kleiner Perkins and Index Ventures.
Founded by Robinhood alumni, the company aims to undercut legacy providers by charging a flat £3 fee for transfers up to £1m using the live mid-market exchange rate. The new capital will support the company as it emerges from stealth mode and brings institutional pricing to retail users sending funds abroad.
From the founder
"Unlike our competitors, we are not subsidising costs associated with products and services that our customers have little interest in. It’s a simple pitch – with Atlantic Money all transfers up to £1,000,000 receive the live mid-market currency rate for a flat fixed-fee of £3, delivering savings of up to 99% versus all our competitors."
Patrick Kavanagh
Co-Founder at Atlantic Money
Investor perspective
"It’s refreshing that Atlantic isn’t building another financial super app with vast product features irrelevant for their target customers – instead, they are laser-focused on eliminating disproportionate fees and margin for people sending large amounts of money abroad, while making the process incomparably simple. There isn’t one other provider today that enables you to send up to £1 million abroad for just £3 with no FX commission. That’s pretty impressive."
Harry Stebbings
Managing Partner, 20VC
Investors
Amplo
Nick Shalek
Ribbit
Kleiner Perkins
Index
Harry Stebbings
20VC
Elefund
Day One Ventures
Susa Ventures
Categories
About the company
Atlantic Money
Atlantic Money provides low-cost international money transfers for retail customers.