Ex-employees of Robinhood Launch Their Money Transfer Service

Neeraj Baid and Patrick Kavanagh, former employees of the stock trading company Robinhood have launched their money transfer service – Atlantic Money. Baid and Kavanagh claim that Atlantic Money is in the league of Wise and PayPal. Both the founders believe that their application is the world’s first fixed fee money transfer service. Inexpensive Transfers When both Baid and Kavanagh shifted to the US while working under Robinhood, they began sending money back home often. They were surprised by the exorbitant fees that they needed to pay while transferring the money. When Baid and Kavanagh shared their pleas with other people who were facing the same issue, they decided to make an alternative. Workings of Atlantic Money Neeraj Baid and Patrick Kavanagh made sure that their application helped solve issues one faced while using other services. Thereby, Atlantic Money charges a fixed fee of £3, regardless of the amount transferred. Unlike XE and Western Union who rely on variable FX Commission or Wise, which charges variable fees per transaction, Atlantic Money charges 0% FX Commission. Targetted Audience Although there are drawbacks to other money transfer services, these fintech companies have gathered millions of users. However, Atlantic Money isn’t bothered by the number of followers or their revenue. One of the partners, Neeraj Baid claims that users of such leading corporations are not loyal and exhibit varied shopping beha...