Atlantic Money

Atlantic Money is a London-headquartered financial technology company focused on international money transfers. The company was founded in 2020 by Neeraj Baid and Patrick Kavanagh, two Americans who had previously been early employees at Robinhood, the publicly listed United States financial-services company. Although established in 2020, Atlantic Money formally launched its service in 2022. The company’s principal point of differentiation is its fixed-fee pricing model. Rather than primarily charging a percentage of the amount transferred, Atlantic Money has advertised a flat fee of £3 for transfers of up to £1 million, or €3 for transfers of up to €1 million. This structure is aimed particularly at customers sending relatively large international payments, for whom a percentage-based foreign-exchange or transfer charge can become expensive. The model positions Atlantic Money as a low-cost alternative to established remittance and currency-transfer providers. Atlantic Money initially distributed its service through a mobile application. Its iOS application launched in the United Kingdom on 21 July 2022, followed by an Android application on 9 February 2023. The service is available to residents of the United Kingdom and 30 European countries, allowing users to send pounds sterling or euros into 10 foreign currencies. In May 2024, after the platform had processed more than £400 million in cumulative transfer volume, Atlantic Money introduced a web version of its application. In October 2024, the company introduced Portals, described as a lower-cost alternative to the traditional SWIFT payments network. Portals enables users to send money from a personal bank account through Atlantic Money’s transfer network without having to use the Atlantic Money application itself. This broadened the company’s distribution model beyond a conventional mobile-app interface. Atlantic Money raised $7.5 million in seed funding across two financing phases in 2022. The reported backers included Kleiner Perkins, Index Ventures, Ribbit Capital, Amplo, 20VC, Nordstar, Elefund, Susa Ventures, Webull founder Anquan Wang, and Robinhood founders Vladimir Tenev and Baiju Bhatt. The company’s founders’ prior experience at Robinhood and the participation of prominent venture investors gave Atlantic Money visibility within the financial-technology sector. The company has also challenged the competitive practices of Wise, a major international money-transfer provider. In January 2023, Atlantic Money wrote to the United Kingdom’s Competition and Markets Authority, alleging that Wise had removed Atlantic Money from an international-transfer price-comparison table for commercial reasons and had restricted access to other comparison services that Wise owned or controlled. Atlantic Money subsequently raised related concerns with the European Commission in March 2023. These actions formed part of the company’s effort to contest the competitive environment in which low-cost transfer services are marketed. Atlantic Money remains a private financial-technology business whose publicly described activities center on cross-border payments, currency transfers, mobile and web applications, and its Portals payment-network product. Public reference material does not establish a parent company, public listing, ticker, or a broader corporate group.

Atlantic Money was established in 2020 in London by Neeraj Baid and Patrick Kavanagh. Both founders were Americans and had worked as early employees at Robinhood, a United States financial-services company that later became publicly listed. Their experience in consumer financial technology informed Atlantic Money’s focus on a digital, user-oriented international payments service. The company formally launched in 2022 with a business model centered on fixed-fee international transfers. Its pricing was designed to differ from the percentage-based charges commonly associated with cross-border currency services. Atlantic Money described a flat charge of £3 for transfers up to £1 million and €3 for transfers up to €1 million. This approach was particularly relevant to customers transferring larger sums, because the fee did not rise in direct proportion to the payment amount. Atlantic Money’s first publicly described product distribution channel was its mobile application. The iOS application became available in the United Kingdom on 21 July 2022. The company followed with an Android release on 9 February 2023, extending access across the two dominant mobile operating systems. The service was described as being available to residents of the United Kingdom and 30 European countries, with support for sending euros or pounds sterling into 10 foreign currencies. During 2022, Atlantic Money received $7.5 million in seed funding across two financing phases. The reported investors included Kleiner Perkins, Index Ventures, Ribbit Capital, Amplo, 20VC, Nordstar, Elefund, and Susa Ventures, alongside Webull founder Anquan Wang and Robinhood founders Vladimir Tenev and Baiju Bhatt. This financing provided the company with backing from investors active in financial technology, payments, and consumer internet businesses. The firm became involved in a competition-related dispute with Wise in early 2023. Atlantic Money wrote to the United Kingdom’s Competition and Markets Authority in January, alleging that Wise had removed Atlantic Money from an international money-transfer price-comparison table for economic reasons. Atlantic Money also alleged that Wise had denied access to other comparison sites owned or controlled by Wise. In March 2023, Atlantic Money raised related concerns with the European Commission. The available reference material records the complaints but does not establish a final finding or remedy by either authority. Atlantic Money subsequently expanded beyond its original mobile-first model. In May 2024, after reporting more than £400 million in total transfer volume, the company launched a web version of its application. On 2 October 2024, it introduced Portals, a service positioned as a low-cost alternative to SWIFT. Portals allows users to send money from a personal bank account over Atlantic Money’s transfer network without requiring use of the Atlantic Money app. The company’s documented business remains focused on cross-border money movement, foreign-exchange transfers, and payment infrastructure. Public reference material identifies Atlantic Money as a private London-based financial-technology company and does not identify a parent corporation, stock-market listing, ticker, or successor organization.

• 2024

  Web application launches

  [1]Atlantic Moneyen.wikipedia.org

  The company launches a browser-based version of its service after surpassing £400 million in reported cumulative transfer volume.

• 2024

  Portals launches

  [1]Atlantic Moneyen.wikipedia.org

  Atlantic Money introduces Portals on 2 October as a lower-cost alternative to SWIFT transfers.

• 2023

  Android application launches

  [1]Atlantic Moneyen.wikipedia.org

  Atlantic Money releases its Android application on 9 February 2023.

• 2023

  Competition concerns are submitted to UK and European authorities

  [1]Atlantic Moneyen.wikipedia.org

  Atlantic Money approaches the UK Competition and Markets Authority in January and the European Commission in March regarding Wise’s alleged treatment of price-comparison services.

• 2022

  Company formally launches

  [1]Atlantic Moneyen.wikipedia.org

  Atlantic Money begins offering international money transfers using a fixed-fee pricing model.

• 2022

  iOS application launches in the United Kingdom

  [1]Atlantic Moneyen.wikipedia.org

  The company releases its first mobile application on 21 July 2022.

• 2022

  Seed financing reaches $7.5 million

  [1]Atlantic Moneyen.wikipedia.org

  Atlantic Money completes two reported seed-funding phases during the year.

• 2020

  Atlantic Money is founded

  [1]Atlantic Moneyen.wikipedia.org

  Neeraj Baid and Patrick Kavanagh establish Atlantic Money in London.

A low-cost international money-transfer provider built around a flat-fee model rather than percentage-based transfer charges, with a particular appeal to customers making larger cross-border payments.

• International money transfer service · 2022

  Atlantic Money international transfers

  The company’s core service enables eligible residents of the United Kingdom and 30 European countries to send euros or pounds sterling into 10 foreign currencies. Its principal commercial distinction is a flat transfer charge of £3 or €3 for transfers up to £1 million or €1 million, respectively, rather than a fee calculated mainly as a percentage of the amount sent.

• Mobile financial application · 2022

  Atlantic Money mobile applications

  Atlantic Money distributes its transfer service through mobile applications. The iOS application launched first in the United Kingdom in July 2022, followed by an Android application in February 2023. The applications provide a digital interface for arranging international transfers through the company’s fixed-fee network.

• Web financial application · 2024

  Atlantic Money web application

  Introduced in May 2024, the web application extends Atlantic Money’s service beyond native mobile software. Its launch followed the company’s report that total transfer volume had exceeded £400 million, although the available reference does not provide further details about its feature set.

• Payment network · 2024

  Portals

  Portals is Atlantic Money’s low-cost alternative to the traditional SWIFT payment network. Launched in October 2024, it allows users to send funds from a personal bank account through Atlantic Money’s transfer network without needing to use the Atlantic Money application.

• 2024

  Expand from mobile applications to the webStrategy

  Background

  Atlantic Money reported more than £400 million in cumulative transfer volume after operating primarily through mobile applications.

  Action taken

  The company launched a web version of its application in May 2024.

  Aftermath

  The move broadened access to the service beyond iOS and Android devices.

  Source

• 2024

  Launch Portals as a SWIFT alternativeProduct launch

  Background

  The company sought to extend its payment infrastructure and reduce dependence on conventional bank-to-bank transfer pathways.

  Action taken

  On 2 October 2024, Atlantic Money launched Portals, allowing users to send funds from a personal bank account through its network without using the Atlantic Money app.

  Aftermath

  Portals expanded Atlantic Money’s offering from a consumer transfer application toward a broader bank-transfer network.

  Source

• 2023

  Challenge Wise’s price-comparison practicesOther

  Background

  Atlantic Money alleged that Wise had removed it from an international money-transfer price-comparison table and had restricted access to other comparison sites owned or controlled by Wise.

  Action taken

  Atlantic Money submitted concerns to the UK Competition and Markets Authority in January 2023 and to the European Commission in March 2023.

  Aftermath

  The available reference records the regulatory approaches but does not establish a final decision, finding, or remedy.

  Source

• 2022

  Adopt a fixed-fee transfer modelStrategy

  Background

  Atlantic Money entered the international-transfer market against providers that often use percentage-based charges, which can increase with the amount transferred.

  Action taken

  The company set a flat fee of £3 or €3 for transfers up to £1 million or €1 million, respectively.

  Aftermath

  The pricing structure became the central element of Atlantic Money’s low-cost positioning, particularly for larger transfers.

  Source

1. 1Atlantic Moneyen.wikipedia.org