Atlantic Money, the provider of fixed fee international transfers, has announced that it is now offering its services to businesses for the first time. Starting immediately, companies in 29 countries will be able to send up to one million pounds abroad at the current exchange rate for a flat fee of £3. The launch of this service comes at a time when other providers in the market have significantly increased their transaction costs, making Atlantic Money an attractive option for businesses looking to save on global payments.
Major fintech players such as Revolut and Wise have recently raised their fees for international business payments by 50% and up to 20% respectively. These two UK fintechs combined serve over 45 million users. This price increase has created an opportunity for Atlantic Money to enter the market and provide businesses with a more cost-effective option.
Atlantic Money believes that entering the business-to-business (B2B) and business-to-consumer (B2C) sectors will have a significant impact on the use of flat-rate international transfers. In its first year of operation, the company transferred £160 million for its users abroad, surpassing Wise’s debut volume by 16 times. However, at that time, Atlantic Money did not offer payments for businesses or the largest target currency for international transfers, the Indian Rupee. Now, with the introduction of transfers for businesses, the company expects even more robust growth in the upcoming year.
According to a study by consulting firm Ernst & Young (EY), businesses make up 97% of the global money transfer market, with a total value of £120 trillion. The flat-rate pricing structure offered by Atlantic Money is particularly beneficial for larger transaction amounts, which are more common for businesses. The cost savings can amount to several thousand pounds for transactions up to one million pounds.
Neeraj Baid, Co-Founder and CEO of Atlantic Money, said, “For the first time, businesses can transfer up to one million pounds abroad and always pay just £3. This way they can save our users thousands of pounds per transfer, even compared to the providers that used to be recognised as cheap.” Atlantic Money aims to create a user-friendly experience while integrating seamlessly into existing business setups.
Atlantic Money was founded in 2020 by Neeraj Baid and Patrick Kavanagh, who were previously at Robinhood. The company has received $7.5 million in seed funding from investors and is headquartered in London. It is currently available in 29 countries. Atlantic Money’s flat fixed fee and current exchange rate offering sets it apart from other international money transfer providers, allowing users to save up to 99% on each transfer.
In conclusion, Atlantic Money’s launch of its fixed fee international transfer service for businesses provides a cost-effective option for companies looking to save on global payments. With other providers increasing their transaction costs, Atlantic Money aims to fill the gap in the market and offer businesses significant savings on their international transfers.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it