Patrick Kavanagh, CEO and co-founder of fixed fee money transfer app Atlantic Money, steps down from his position “to become Non-Executive Director and remain for the company as an advisor.”
Neeraj Baid, co-founder and former Chief of Product, “takes over the role of the CEO. The decision has been made due to personal circumstances.”
Patrick Kavanagh comments:
“We founded Atlantic Money with the goal of finally giving international money transfers a fixed price. Previously, the more people sent, the more they had to pay through variable pricing models. This is not fair and had to change. Today, we are already a big step closer to this goal and can already offer our service to millions of people across Europe, saving them up to 99% even compared to Wise.”
He added:
“All this was only possible because of our excellent team, which developed a remarkable system in a very short time, with which Atlantic Money can effortlessly transfer nearly any amount around the world. I am very grateful for this and confidently hand over my duties to Neeraj and the team. This was of course a tough decision but it was the best decision given my personal circumstances. I look forward to the further achievements that the entire Atlantic team will make and the positive impact they will bring to the whole market.”
Patrick and Neeraj founded Atlantic Money in 2020.
Since then, Atlantic Money “obtained an official payment provider licence in the UK and EU, raised $7.5m in venture capital from international investors like Ribbit, Amplo, Index, 20VC, Kleiner Perkins, and launched its fixed fee international transfer in the UK and most European countries.”
Previously, Patrick “was one of the first employees as well as one of the first Angel Investors of the US neobroker Robinhood and led together with Neeraj the international expansion.”
As noted in the update, Atlantic Money is “the only international money transfer provider that offers international transfers at a fixed fee of £/€3 at the current exchange rate without surcharges – up to £/€1,000,000.”
Especially for transaction amounts over 1,000 euros, users “can save up to 99 percent compared to providers such as Wise, Revolut, Paypal or Western Union.”
Founded by Robinhood alumni, US German, Patrick Kavanagh, and Neeraj Baid, Atlantic currently “offers nine currencies for exchange, is funded by investors Amplo, Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Day One Ventures, Nordstar and Elefund and is based in London.”
