UK fintech, Atlantic Money is set to offer its fixed-fee money transfers across additional major markets in the United States, Canada and Australia.
Founded by two early employees of Robinhood, Atlantic Money moved out of stealth in March 2022 with a promise to take on the likes of Wise with a cheaper offering for larger value transactions.
Atlantic Money's pitch is that the fixed percentage rates charged by Wise penalise customers with progressive fees for costs that do not exist. The company corrects the imbalance by offering the live mid-market currency rate and a flat fixed-fee of £3 for transfers up to £1 million.
In Canada and Australia, the firm will operate under its own licence offering services to individuals and businesses. In the United States, Atlantic Money is registered as a federal Money Services Business with FinCEN and will offer its services to businesses under the sponsorship of a federally regulated US bank.
Co-founder and CEO Neeraj Baid comments: “Operating with the full trust and confidence of our partners and regulators has always been central to our mission of serving customers with reliable, secure fixed fee transfers. We are excited to have gained these approvals so quickly, and are looking forward to offering our services in these new major regions.”
In 2022, Atlantic Money received regulatory permission from the Financial Conduct Authority and Belgium’s National Bank, enabling its fixed fee transfers across the UK and the EU.
Since then, the firm has facilitated over £300 million for businesses and individuals, representing a 100% growth in volume in the past 6 months.