Atlantic Money, an international money provider styling itself as a challenger to Revolut, has launched in Ireland, offering users transfer of up to €100,000 abroad for a fixed fee of €3.
The company is targeting people who regularly transfer large amounts of money abroad, including the 30,000 cross-border workers and foreign nationals working in Ireland as well as residents with overseas commitments such as holiday homes.
The Atlantic Money app is available only for iOS, but the company believes its €3 fee for international money transfer undercuts the market, saving customers 75% compared to the nearest price competitors, Revolut and Wise, and 95% against PayPal and Western Union.
"The first generation of cross-border payment fintechs did a great job initially, but their flexible pricing models penalise people that have to send significant amounts of money abroad regularly and they’ve lost focus in their quest to build the next superapp," said Patrick Kavanagh, co-founder of Atlantic Money.
"We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible.
In Association with
"We are grateful to our current and new investors for their continued support and excited to provide consumers in Ireland with a best-in-class customer experience and unmatched cost savings.”
Atlantic Money is backed by investors Amplo, Ribbit, Index Ventures, Kleiner Perkins, Elefund, 20VC, Day One Ventures and the founders of stock trading app Robinhood, who invested a total of $7.5m in its seed funding round.
Neeraj Baid, co-founder of Atlantic Money, said: “We are already seeing some fascinating use cases and delivering substantial cost savings for our customers. For example, one of our customers transferred €100,000 to GBP which arrived in minutes for the price of €3.05, a 99% saving compared to Wise or Revolut.”
Kavanagh and Baid were early employees at Robinhood and founded Atlantic Money last year. The company has been operating in the UK since March and received its first EU licence from the National Bank of Belgium in June.
Atlantic Money has plans to launch in other European countries in the near future, and a version of the app from Android is due to follow in the coming weeks.
(Pic: Getty Images)
