Neeraj Baid and Patrick Kavanagh/Atlantic Money
Exclusive: Atlantic Money launches fixed fee international business transfers
A year after going live with its £3 flat rate personal transfers, Atlantic Money is branching out
The foreign exchange challenger that launched last year to take on Wise and Revolut is venturing into business transfers.
Uniquely offering a flat rate fee of £3 on every transfer — from £1 to £1m — Atlantic Money has been offering personal transfers for a little over a year now.
Founded by early Robinhood employees Neeraj Baid and Patrick Kavanagh, the company processed £160m in transfers in the first year of operating, saving its users around £650,000 compared to other challengers.
Now the fintech is branching out from personal transfers to business transfers, offering companies in 29 countries the option to send up to £1m abroad at the current exchange rate for its fixed fee.
"Unlike many fintech companies that aim to replace traditional bank accounts, Atlantic Money's vision is different,” CEO Baid said.
“We do not want to be yet another bank account for businesses. Instead, we focus on enhancing what's already there, making it easier to blend our service into current business setups.”
Baid said the aim is for Atlantic Money to feel “smooth” and “hassle-free”, working with existing accounts.
He moved from chief of product to CEO in April as Kavanagh stepped out of the lead role to become non-executive director due to personal reasons.
As fintech transfer fees have risen — or at the very least fluctuated — as inflation has risen and businesses have settled post-Covid, having a set fee sets Atlantic Money apart from its competitors.
Generally, up to around the £1000 mark, a £3 fee puts Atlantic Money above its competitors, but beyond that, it can save users potentially thousands of pounds in transfer fees.
With businesses being more likely to make frequent, large transfers, this opens up a significant market for the business.
Users can transfer between 10 currencies, including GBP, USD and EUR.