The seed round for Atlar was led by Index Venture. An application programming interface that facilitates bank-to-bank payments for European businesses is being worked on.
Cocoa, La Famiglia VC, and other business angels also participated in the round.
Europeans are familiar with open banking and payment initiation, but a lot of B2B transfers are still done manually. When it comes to payments, business banking hasn't experienced the same level of innovation.
Corporate banks offer ways to initiate payments without having to connect to a web portal. Banks may or may not use modern RESTAPI. They want the text file to be formatted in a specific way.
A custom integration is possible if you have a development team. Many companies don't have the funds to keep these connections. A partner would handle the technical details.
It is possible to hide the complexity of bank connections with Atlar. Once a company uses Atlar, it can process direct debits and reconcile transactions.
Insurance premiums, deposits and loan payouts can be made using Atlar. There are multiple bank accounts for companies that operate across Europe. Automating payments would be a nice upgrade for those businesses.
Accepting payments as a business is painless now, but it still takes a long time to initiate them with your bank. Atlar is trying to become the operating system for bank-based payments. We hope to unleash a wave of innovation for our clients which will benefit European consumers and businesses.
Two other co- founders are Johannes Elgh and Joel Wgmark. Tink was acquired by Visa for over $2 billion.
The French startup that I covered earlier this year is called Atlar. The Nordics, Germany, Austria and Switzerland are the focus so far. It will be helpful when it comes to European expansion.
Plaid announces strategic investment from Mastercard and Visa
All Rights Reserved © 2024
