Thursday, December 1, 2022
HomeLaw & PoliticsEx-Robinhood staff launches money transfer fintech firm

Ex-Robinhood staff launches money transfer fintech firm

Atlantic Money, a money transfer fintech firm formed by former Robinhood workers Neeraj Baid and Patrick Kavanagh, positioning itself as a second-generation alternative to Wise, PayPal, and Revolut.

Both Baid and Kavanagh worked at Robinhood on foreign projects, where they were entrusted with exploring the company’s development into Europe. Although Robinhood finally decided not to start in the United Kingdom, the two say that they experience their interest in developing a remittance fintech aimed at the UK market.

The service will be available to UK citizens who want to transfer amounts between £1000 and £1 million to nine different currencies, including US dollars, Australian dollars, and euros, when it first launches.

They claim that their product stands out in the competitive UK money transfer market because it is focused on doing one thing well.Baid said that “we’re not interested in building a super-app”. According to the founders, they are able to accomplish so by connecting their customers to an institutional-grade currency transfer service through their app.

In an interview, Baid stated, “Our fees are low.” “When you go into the £1000s, you’re looking at 50-80% savings compared to anyone else in the market, which is something we’re really pleased of — we’re also profitable on every transfer,” says the company.

After working on Robinhood Crypto, where Baid claims he was the driving force behind the inclusion of dogecoin, Kavanagh says they can imagine a world where they would explore expanding to include crypto. TransferGo, a competitor, previously informed The Block that it was looking into stablecoin transfers in Africa for business-to-business use cases.

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