Visi Money
TLDR:
– UK fintech Atlantic Money plans to expand its fixed-fee money transfer services to major markets including the United States, Canada, and Australia.
– The demand for a fixed fee transfer solution in these markets is substantial, with over $100 billion in annual transfers according to the World Bank.
UK fintech Atlantic Money has announced plans to expand its fixed-fee money transfer services to major markets, including the United States, Canada, and Australia. Within just 1.5 years of launching in the UK, Atlantic Money has already met the necessary requirements to offer its services in these new regions. In Canada and Australia, the company has successfully registered to offer money transfer services to individuals and businesses. In the United States, Atlantic Money is registered as a federal Money Services Business with FinCEN and will offer its services to businesses under the sponsorship of a federally regulated US bank.
The demand for a fixed fee transfer solution in these new markets is substantial, with over $100 billion in annual transfers according to the World Bank. In contrast, UK outbound transfers totalled $11 billion. This highlights the significant opportunity for Atlantic Money to capture a share of the global money transfer market. Personal transfers currently make up only a fraction of global transactions, suggesting there is significant room for growth.
Atlantic Money has quickly gained regulatory approval to expand its services internationally. In 2022, the company received regulatory permission from the British Financial Conduct Authority (FCA) and Belgium’s National Bank (NBB), enabling its fixed fee transfers across the UK and the EU. Since then, the company has seen significant growth, facilitating over £300 million in money transfers for businesses and individuals. Today, over 10,000 users rely on Atlantic Money’s fixed fee transfer service, with the median amount transferred being £3,000.
One key advantage that Atlantic Money offers compared to other providers is its pricing. The company is on average 10 times cheaper than competitors such as Wise when it comes to transferring money abroad. This affordability factor may play a significant role in attracting customers in the new markets they plan to enter.
Neeraj Baid, Co-Founder and CEO of Atlantic Money, expressed excitement about the regulatory approvals gained and looks forward to offering their services in these major regions. The company aims to provide reliable and secure fixed fee transfers and believes that operating with the full trust and confidence of partners and regulators is key to achieving this mission.
In summary, Atlantic Money’s expansion into major markets such as the United States, Canada, and Australia presents a significant growth opportunity in the global money transfer sector. With its reliable and affordable fixed fee transfers, the company aims to capture a share of the substantial market demand for a fixed fee transfer solution.
