Atlantic Cash has right now introduced that its low-cost cash switch service is now out there to everybody within the UK, saving them as much as 99% on their cross-border cost prices.
The agency has additionally secured a further injection of $3m seed capital, led by Amplo, to supercharge its worldwide progress having just lately acquired its EU licence.
Beginning right now, 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 overseas alternate (FX) mark-up. The low-cost transfers could be made by way of 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 buyers together with Index Ventures, Ribbit & Kleiner Perkins.
Easy, slick and cost-effective cash transfers
Atlantic Cash’s app is the most straightforward, slick and cost-effective means of transferring cash throughout borders. The mounted flat payment of £3 undercuts incumbent cash switch suppliers as prospects save 75% in comparison with Sensible and as much as 99% when in comparison with different opponents.
Customers merely obtain the app, undergo a one-minute verification course of, and might instantly start transferring cash. They will choose normal supply or go for categorical supply for a small further payment 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 Sensible 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 potential. We’re grateful to our present and new buyers for his or her continued assist and excited to offer our UK prospects with a best-in-class buyer expertise and unmatched value financial savings.”
Neeraj Baid, Co-Founding father of Atlantic Cash, stated: “Massive monetary establishments transfer limitless cash world wide at successfully zero value and safe the stay alternate price by working immediately with each other. In the meantime, retail prospects are charged progressive charges and unjustifiable alternate 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 firms.”
“We’re already seeing some fascinating use instances and delivering substantial value financial savings for our prospects. For instance, a buyer just lately bought a property in mainland Europe and despatched the equal of €200,000 from the UK – they saved 98% in comparison with Sensible.”
Atlantic Cash might be out there for EU residents within the coming months.