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June 29, 2022

Atlantic Money wins payment licence in EU

UK-based fintech company Atlantic Money has received a licence from the National Bank of Belgium (NBB) to operate as a payment institution across the European Union (EU).

The approval provides the company with access to all 30 EU and European Economic Area (EEA) member states.

Atlantic Money aims to first launch its services in Belgium and then in Germany and Austria.

Once launched, people in the EU will be able to transfer money to key currency corridors using Atlantic Money app.

Meanwhile, Atlantic Money has begun adding UK-based customers, who signed up for the service early.

Atlantic Money co-founder Patrick Kavanagh said: “We are delighted to receive our licence in Europe so soon after receiving our FCA licence in the UK.

“Combined, the UK & Europe constitute the largest currency corridor in the world, and we are excited to have the opportunity to launch our service across Europe.

“We are committed to offering customers unbeatable costs on larger transfers vs all other providers, saving them millions every year as they send money across the globe with one simple £3 flat fee and zero percent FX mark-up.”

According to the company, its customers can send money up to £1m at the interbank mid-market exchange rate.

Atlantic Money had raised $4.5m through seed funding from various investors such as Index Ventures, Ribbit & Kleiner Perkins to grow its business.

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