Atlantic Money comes to Germany

The British fintech wants to challenge Revolut and Western Union, among others, in Germany.

The British start-up Atlantic Money is coming to Germany. The fintech, which recently expanded to Belgium, wants to annoy the domestic and long-established players, including Wise, Revoult, Paypal and Western Union, with an offer for international transfers.

For transfers of up to 100,000 euros, customers will only pay three euros, which according to the start-up is often cheaper than the flexible costs of the competition. For the launch in Germany, customers can transfer money from Germany in a total of nine currencies, including British pounds and US dollars.

Atlantic Money was founded by Patrick Kavanagh and Neeraj Baid, who together helped to set up the neobroker Robinhood. The start-up has been around since 2021 and has also been regulated by the British supervisory authority since the beginning of the year. The start-up has also secured an EU license, in this case via the National Bank of Belgium (NBB). Investors on board include Index Ventures and Day One Ventures, who together with others have invested around 7.5 million euros in the start-up.

Founder Kavanagh says of the launch in Germany: "The first generation of fintechs such as Wise, Revolut and Paypal have done a great job in the market, but their flexible costs penalize users who have to send a lot of money abroad frequently. With our fixed fee of 3 euros per transfer, this is no longer the case."