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Ex-Tink staffers raise €5m for payments startup

Ex-Tink staffers raise €5m for payments startup

A gaggle of former Tink employees has raised €5 million in seed funding for their startup promising to help businesses automate all of their payment activities.

Joel Nordström, Joel Wägmark, and Johannes Elgh formed Stockholm-based Atlar earlier this year following open banking outfit Tink's €1.8 billion acquisition by Visa.

They have already secured seed funding, led by Index Ventures, for the startup, which is working to automate payment processes which are still often done manually.

Atlar lets businesses connect to its platform via an API, which in turn connects to their banks. Businesses’ can then automate all of their payment activities - including initiating transfers, reconciling transactions, and handling direct debits.

This, says the company, reduces the labour demanded to maintain money flows and business records, meaning payments don’t get skipped and man-hours are freed up.

Atlar has already secured several clients, including Lassie, an insurance company, Mynt, a payments player, and Banxware, a German fintech lender.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 09 November, 2022, 13:51Be the first to give this comment the thumbs up 0 likes

In a former life, I used to sell the Corporate-to-Bank solution of a leading ERP company. Within the company, we used our lead banker's C2B solution for the processing vendor payments. That was over 10 years ago. 

Being VC-backed, this startup may be under no pressure to post profits for the forseeable future. To that extent, it might be able to undercut the prices of the incumbent solution providers. Keen to know if it plans to differentiate its product on core functionality.


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