Atlantic Money, which emerged from stealth, received its license through the National Bank of Belgium. It follows the company receiving its Financial Conduct Authority (FCA) license, a key requirement for fintechs to operate in the UK. Its payment platform allows people to send up to £1m internationally for a fixed fee of £3 and no FX mark-up. Atlantic Money was created by American expats and former Robinhood employees Patrick Kavanagh and Neeraj Baid, who had to pay hundreds in fees when sending money across the pond.
Combined, the UK and Europe constitute the largest currency corridor in the world, and we are excited to have the opportunity to launch our service across Europe. To date, Atlantic Money has raised $4.5m (£3.6m) in seed funding.