London-headquartered fintech Atlantic Money today has gained its licence to act as a payments institution in Europe and can now operate its service across the continent.
Atlantic Money, which emerged from stealth in March, received its licence through the National Bank of Belgium. It follows the company receiving its Financial Conduct Authority (FCA) licence, a key requirement for fintechs to operate in the UK.
Neeraj Baid, co-founder, Atlantic Money, said: “In addition to our European licence, we also started rolling out our product to the customers in the UK who signed up for early access.
“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.”
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.
“We are delighted to receive our licence in Europe so soon after receiving our FCA licence in the UK. 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,” said Patrick Kavanagh, co-founder, Atlantic Money.
To date, Atlantic Money has raised $4.5m (£3.6m) in seed funding.
Yesterday the FCA said it is investigating the co-founder and CEO of Wise, also set up to send money internationally, over a tax breach.
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