Every year, an estimated €260 trillion moves through European banks in the form of payouts, insurance premiums, deposits, loan payouts, and much more. Staggeringly, much of this is done manually: through payment files uploaded to banks, finance teams matching line items one by one with internal books, or hacked-together software solutions propped up by engineers.
While fintech tools have provided innovation for companies when it comes to accepting payments and ‘open banking’, similar developments have not arrived to enable payments flows that begin in a company’s own bank accounts.
This is where we come in. We let businesses connect to our platform via an API, which in turn connects to their banks. Businesses’ can then automate all of their payment activities – including initiating transfers, reconciling transactions, handling direct debits, and more. This reduces the labour demanded to maintain money flows and business records; in turn, that means payments don’t get skipped and man-hours are freed up for more consequential and strategic work.
We are proud to already have a great number of early customers on our platform – including companies such as Lassie, an insurance company, Mynt, a payments company, and Banxware, a leading German fintech lender. Nicolas Kipp, founder and COO at Banxware, sums it up nicely: “Having been through the pain of both building our own bank integrations and setting up a back office team, we were thrilled to partner with Atlar. Their platform gives us exactly what we need in order to handle our bank payments, which lets us focus on our core business".
The round was led by Index Ventures – a firm that has previously backed category defining companies such as Adyen, Revolut, Figma, and many more. They were joined by La Famiglia VC, Cocoa VC and a number of angel investors, including Revolut CFO Mikko Salovaara, former Executive Vice President of global sales at Adyen Thijn Lamers and N26 CFO Jan Kemper.
Johannes, Joel and I are very excited about the years ahead. If you’d like to join us on this journey, or if you work at one of the many companies that have the challenge we solve – reach out, we’d love to hear from you.