Atlantic Cash has as we speak introduced that its low-cost cash switch service is now obtainable to everybody within the UK, saving them as much as 99% on their cross-border fee prices.
The agency has additionally secured an extra injection of $3m seed capital, led by Amplo, to supercharge its worldwide progress having lately acquired its EU licence.
Beginning as we speak, and for the primary time, everybody within the UK can switch as much as £1,000,000 overseas for a hard and fast price of £3 and on the interbank mid-market charge with no overseas trade (FX) mark-up. The low-cost transfers might be made through the Atlantic Cash iOS App.
The additional $3m in seed funding was led by Amplo and included Nordstar and former Lazada government, Martell Hardenberg. That is along with $4.5m in preliminary seed funding from buyers together with Index Ventures, Ribbit & Kleiner Perkins.
Atlantic Cash’s app is the most straightforward, slick and cost-effective manner of shifting cash throughout borders. The mounted flat price of £3 undercuts incumbent cash switch suppliers as prospects save 75% in comparison with Clever and as much as 99% when in comparison with different rivals.
Customers merely obtain the app, undergo a one-minute verification course of, and might instantly start transferring cash. They’ll choose customary supply or go for categorical supply for a small further price of 0.05% – a £1,000 categorical switch prices simply £3.05.
Clients can ship cash from the UK in GBP into 9 currencies together with USD, EUR, AUD, CAD, SEK, NOK, DKK, PLN and CZK, with new foreign money corridors and superior product options being added constantly post-launch.
Patrick Kavanagh, Co-Founding father of Atlantic Cash, stated: “The earlier technology of challengers like Revolut and Clever disrupted the banks, bringing higher expertise and decrease charges. However they’ve since misplaced focus and deserted the very product that made them nice in a quest to construct the subsequent ‘tremendous app’. We’re disassembling this method by being laser-focused on doing one factor higher than anybody else – getting individuals’s cash from one foreign money and nation to a different, as effectively as doable. We’re grateful to our present and new buyers for his or her continued assist and excited to supply our UK prospects with a best-in-class buyer expertise and unmatched price financial savings.”
Neeraj Baid, Co-Founding father of Atlantic Cash,stated: “Massive monetary establishments transfer limitless cash around the globe at successfully zero price and safe the stay trade charge by working instantly with each other. In the meantime, retail prospects are charged progressive charges and unjustifiable trade charges. We’re democratizing pricing beforehand reserved for the banks and drastically reducing the price of bigger transfers by as much as 99% decrease than all different cash switch corporations.”
“We’re already seeing some fascinating use circumstances and delivering substantial price financial savings for our prospects. For instance, a buyer lately bought a property in mainland Europe and despatched the equal of €200,000 from the UK – they saved 98% in comparison with Clever.”
Atlantic Cash will probably be obtainable for EU residents within the coming months.