Atlantic Money, the provider of fixed fee international money transfers, marks its one-year anniversary by releasing its inaugural company figures.
The fintech has achieved significant milestones “in both transfer volume and cost savings, solidifying its position in the market.”
During its first year of operation, Atlantic Money has “facilitated over £160m in transfers.”
This achievement showcases “the effectiveness of Atlantic Money’s unique selling proposition of fixed fee transfers, which provide users with consistent and affordable pricing.”
The company’s performance in its debut year “extends beyond transfer volume.”
Atlantic Money’s customers also enjoyed substantial savings “in fees, totaling more than £650,000, thanks to the company’s flat fixed fee pricing model.”
To put these numbers in perspective: Atlantic Money claims that comparable providers “such as CurrencyFair, Wise, Remitly and others did not come close to a similar transfer volume in their first year.”
Thus, having sent over £160m in its first year, Atlantic Money is believed “to have had the strongest debut year ever among money transfer services.”
Furthermore, the savings figure of £650,000 is “based on comparisons with former low-cost providers.”
Savings compared to traditional players, “such as banks, are multiple times greater. To demonstrate the stark contrast in pricing,” Atlantic Money claims that it “provides a transparent price comparison tool for comparing with Wise which was known to be a low-cost provider.”
Transfers to India at a new low price
The published figures “are likely to rise sharply in the future.”
One year after its official start, Atlantic Money launches “its fixed fee transfers to India, the largest money transfer destination globally.” The expansion allows users “to transfer up to £1m or €1m to Indian Rupee (INR).” The innovative pricing “enables significant savings – even in comparison to the previously cheapest options.”
Atlantic Money’s commitment “to seamless and cost-efficient money transfers is also reflected in the transfer size offered for INR.” A recent comparison of 21 digital providers for transactions to India “revealed that two-thirds of companies limit transaction sizes, sometimes as low as £3,000.”
Atlantic Money, on the other hand, says that it “enables transfers of up to £1m or €1m.”
Neeraj Baid, Co-Founder and CEO of Atlantic Money, said:
“We founded Atlantic Money to address the issue of expensive variable pricing in the international money transfer market. Our first-year figures demonstrate our success in taking this crucial first step and highlight our operational efficiency. Today, people in 32 countries are utilizing our unique flat fee service to send money abroad. With more to come. We are immensely proud to offer transfers to India. This will drastically reduce the cost of transfers to the world’s largest destination of international transactions.”
Besides starting transfers to Indian Rupee, Atlantic Money plans “to expand into three key global markets later this year: Canada, Australia and the United States.”
As noted in the update, Atlantic Money claims it is “the only international money transfer provider that offers foreign transfers for a flat fixed fee at the current exchange rate – for transactions up to the millions.”
Even compared to the formerly cheapest providers “such as Wise or Revolut, users can thus save up to 99 per cent on their transfers.”
Founded in 2020 by Robinhood alumni Neeraj Baid and Patrick Kavanagh, Atlantic Money currently supports ten currencies “for exchange since its official launch in July 2022.”
The company has “secured $7.5m in Seed-funding from investors, including Amplo, Ribbit Capital, Index Ventures, Kleiner Perkins, 20VC, Day One Ventures, Nordstar, and Elefund, and is headquartered in London.”