Fintechs are currently struggling with financing.
But that doesn't stop British fintech Atlantic Money from expanding into Germany and attacking other fintechs.
Atlantic Money, founded by Neeraj Baid, one of the first employees of the American neo-broker Robinhood, and the German-American Patrick Kavanagh, has taken on the flag of opening up the market for international transfers.
A field in which incumbent banks still charge high fees - wrongly, as Baid and Kavanagh, who claim to have worked in international foreign exchange markets, argue, since major institutions moved money around the world "at almost no cost" through direct cooperation.
Archibald Preuschat
Editor in Business
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Other fintechs, such as Wise, as well as established providers of this special financial service, such as Western Union, had already recognized this before Atlantic Money.
The British start-up still wants to undercut them, which should change, especially with higher transfer amounts.
Unlike its competitors, Atlantic Money caps the transfer fee at EUR 3 per transaction, regardless of the transfer amount, which is capped at EUR 100,000.
According to a survey by the British start-up, a transfer of 100,000 euros can save several hundred up to 2700 euros in fees.
The founders see a market among people who live abroad and receive their salary in Germany, make a major purchase abroad, such as a car or an apartment, have to pay tuition fees, or have family abroad.
Before the app from the start-up, which is licensed in the EU by the National Bank of Belgium, can be used for the maximum amount, some user identity checks are required to prevent money laundering.
In addition to Wise and Western Union, Atlantic Money has another competitor: the Sepa transfer, which banks have to offer cheaply due to regulation within Europe and processes the transaction in one bank working day.
Atlantic Money takes two days, unless the customer pays extra - 0.05 euros per 1000 euros transfer amount.