Atlantic Money, the UK-based financial technology startup, announced today that it has secured a license from the National Bank of Belgium (NBB) to operate as a payment institution. With the new license, the company is planning to offer services to clients across the European Union.
The details shared by Atlantic Money show that the company is planning to launch gradually in the EU region. Atlantic Money will start with Belgium, followed by Germany and Austria. The firm is authorized and regulated as a payment institution by the Financial Conduct Authority in England and Wales.
“We are delighted to receive our license in Europe so soon after receiving our FCA license in the UK. Combined, the UK & Europe constitute the largest currency corridor in the world, and we are excited to have the opportunity to launch our service across Europe. We are committed to offering customers unbeatable costs on larger transfers vs all other providers, saving them millions every year as they send money across the globe with one simple £3 flat fee and zero percent FX mark-up,” Patrick Kavanagh, a Co-Founder of Atlantic Money, commented.
Rising Competition
The global low-cost money transfer ecosystem is getting more competitive. Atlantic Money, also known as a competitor of Wise, recently introduced a flat fixed fee of £3 for transfers.
Atlantic Money previously raised $4.5 million in its seed funding round from some of the world’s leading venture capital firms.
“In addition to our European license, we also started rolling out our product to the customers in the UK who signed up for early access. We have been speaking to these early adopters for the last couple of months to ensure our product is 100% focused on resolving their specific pain points. Encouraged by feedback from our customers, we are excited to launch what we believe to be the best money transfer system on the market for frequent higher value senders in the EU,” Neeraj Baid, a Co-Founder of Atlantic Money, said.
