Atlantic Money Challenges Wise: Expands to the US, Canada, and Australia

<p dir="ltr">Atlantic Money, a fintech firm in the cross-border money transfer space, announced today (Tuesday) the expansion of its service in the United States, Canada, and Australia after meeting local requirements in these countries.</p><p dir="ltr">Expanding Services Beyond Europe</p><p dir="ltr">Announced today (Tuesday), the UK-based company operates in Canada and Australia with licenses that enable it to offer services to individuals and businesses. In the United States, the company is registered with FinCEN as a federal Money Services Business, allowing it to provide its services to businesses.</p><p dir="ltr">“Operating with the full trust and confidence of our partners and regulators has always been central to our mission of serving customers with reliable, secure fixed fee transfers,” Atlantic Money's Co-Founder and CEO, Neeraj Baid said.</p><p dir="ltr">“We are excited to have gained these approvals so quickly, and are looking forward to offering our services in these new major regions.”</p><p dir="ltr">A Massive Market to Tap</p><p dir="ltr">Atlantic Money is based in the United Kingdom and operates with regulatory licenses obtained from the local Financial Conduct Authority and Belgium’s National Bank, both acquired in 2022. These two licenses allow the company to offer <a href="https://www.financemagnates.com/fintech/beyond-cyber-fraud-the-risks-and-challenges-of-cross-border-payments/">cross-border payments</a> between the United Kingdom and the European Union.</p><p dir="ltr">Since its inception of services, the company has facilitated over £300 million in money transfers for businesses and individuals. The company further highlighted that the volume of transactions doubled in the past six months as its user base reached over 10,000.</p><p dir="ltr">Atlantic Money allows users to transfer up to $1 million abroad at the current exchange rate and with a flat fixed fee. With its services, Atlantic Money is challenging Wise, which has already disrupted the cross-border payments market dominated by legacy banks. In the third quarter of the fiscal year 2024, <a href="https://www.financemagnates.com/fintech/wises-growth-continues-in-q3-fy24-income-jumps-40/">Wise’s revenue increased 23 percent</a> to £276.6 million, handling £30.6 billion in cross-border payment volume.</p><p dir="ltr">Although Atlantic Money is nascent compared to Wise, it claims to be “on average ten times cheaper when transferring money abroad” than “formerly cheapest providers, such as Wise.”</p>

This article was written by Arnab Shome at www.financemagnates.com.