Atlantic Money

Atlantic Money is a London-headquartered financial technology company that offers international money transfers for a fixed fee.^{[2][better source needed][3]} The firm was founded in 2020^[4] and officially launched in 2022 by two Americans, Neeraj Baid and Patrick Kavanagh, both early employees of the listed US financial services company Robinhood.^[5][6][7]

Atlantic Money Inc.

Industry	Financial services
Founded	December 2020; 4 years ago (December 2020)[1]
Founder	Neeraj Baid Patrick Kavanagh
Headquarters	London, England, UK
Key people	Neeraj Baid (CEO)
Services	Money transfers, Remittance
Website	atlantic.money

Funding

Atlantic Money received seed funding of $7.5M over two phases in 2022 from venture capital firms including Kleiner Perkins, Wise-backer Index Ventures, Coinbase-backer Ribbit, Amplo, Harry Stebbings’ 20VC, Nordstar, Elefund, Susa Ventures, Webull founder Anquan Wang and Robinhood founders Vladimir Tenev and Baiju Bhatt.^{[2][better source needed]}

Business model

Atlantic Money operates on a fixed-fee model for international money transfers, which differs from the percentage-based fees often used by competitors. The company charges a flat fee of £3 or €3 for transfers up to £1 million or €1 million, respectively.^{[8][better source needed]}

Activities

Published applications

Atlantic Money has released mobile apps for both iOS^[9] and Android^[10] devices. The iOS app was launched first in the United Kingdom on 21 July 2022.^[11][12] On 9 February 2023, the Android app followed.^{[8][better source needed]} Atlantic Money launched a web version of its app in May 2024 after hitting £400M+ in total volume.^[13] On 02 October 2024 the company launched a low-cost alternative to SWIFT called “Portals” allowing its users to send money from their personal bank on the Atlantic Money transfer network without needing its app.^[14] Atlantic Money can be used by residents of the United Kingdom and 30 European countries^{[8][better source needed][15]} to send euros or pounds sterling into 10 different foreign currencies.^{[16][17][18][19][20]}

Complaints about Wise

In January 2023, Atlantic Money suspected its competitor Wise of harming competition in an official letter to the UK Competition and Markets Authority (CMA).^[21] Wise is said to have removed the cheaper challenger from its international money transfers price comparison table for economic reasons. Atlantic Money also charged Wise with denying access to other price comparison sites that the company owns and controls.^[22][23][24] In March 2023, Atlantic Money approached the European Commission with its concerns about Wise's conduct.^[25][26][27]