Atlantic Cash has as we speak introduced that its low-cost cash switch service is now accessible to everybody within the UK, saving them as much as 99% on their cross-border cost prices.
The agency has additionally secured an extra injection of $3m seed capital, led by Amplo, to supercharge its worldwide progress having lately obtained 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 set payment of £3 and on the interbank mid-market price with no international alternate (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 govt, Martell Hardenberg. That is along with $4.5m in preliminary seed funding from traders together with Index Ventures, Ribbit & Kleiner Perkins.
Atlantic Cash’s app is the most straightforward, slick and cost-effective approach of shifting cash throughout borders. The fastened flat payment of £3 undercuts incumbent cash switch suppliers as clients 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 will choose customary supply or go for specific supply for a small further payment of 0.05% – a £1,000 specific 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 forex corridors and superior product options being added repeatedly post-launch.
Patrick Kavanagh, Co-Founding father of Atlantic Cash, mentioned: “The earlier technology of challengers like Revolut and Clever disrupted the banks, bringing higher know-how 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 strategy by being laser-focused on doing one factor higher than anybody else – getting folks’s cash from one forex and nation to a different, as effectively as potential. We’re grateful to our present and new traders for his or her continued help and excited to supply our UK clients with a best-in-class buyer expertise and unmatched price financial savings.”
Neeraj Baid, Co-Founding father of Atlantic Cash,mentioned: “Giant monetary establishments transfer limitless cash world wide at successfully zero price and safe the reside alternate price by working straight with each other. In the meantime, retail clients are charged progressive charges and unjustifiable alternate charges. We’re democratizing pricing beforehand reserved for the banks and drastically slicing the price of bigger transfers by as much as 99% decrease than all different cash switch corporations.”
“We’re already seeing some fascinating use instances and delivering substantial price financial savings for our clients. 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 accessible for EU residents within the coming months.