Atlantic Money comes to Germany

The British fintech wants to challenge Revolut and Western Union, among others, in the Federal Republic.

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 a service for international transfers.

Customers will pay only three euros for transfers of up to 100,000 euros, which the start-up says is often cheaper than the flexible costs of its competitors. At launch in Germany, customers can transfer money from Germany in a total of nine currencies, including British pounds and U.S. dollars.

Atlantic Money was founded by Patrick Kavanagh and Neeraj Baid, who together helped neobroker Robinhood get off the ground. The start-up has now been around since 2021 and has also been regulated by the UK regulator 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, which together with others have injected around €7.5 million into the startup.

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