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Wise challenger Atlantic Money secures EU licence

Wise challenger Atlantic Money secures EU licence

Atlantic Money, the London-based currency transfer startup challenging Wise and Revolut, has secured a licence with the National Bank of Belgium to operate in Europe and access all 30 EU and EEA member states.

Founded by two former RobinHood employees, the company started onboarding UK-based customers last week and will roll out across Europe during the course of the year.

The company, which has raised $4.5m in seed funding, offers a flat fixed-fee of £3 for transfers all the way up to £1,000,000 at the interbank mid-market exchange rate. This is in contrast to the fixed percentage rates charged by incumbents that effectively penalise customers with progressive fees for costs that do not exist.

Patrick Kavanagh, co-founder, says: “We are delighted to receive our licence in Europe so soon after receiving our FCA licence in the UK. Combined, the UK & Europe constitute the largest currency corridor in the world, and we are excited to have the opportunity to launch our service across Europe. We are committed to offering customers unbeatable costs on larger transfers vs all other providers, saving them millions every year as they send money across the globe with one simple £3 flat fee and zero percent FX mark-up.”

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