Atlantic Cash, a UK cash switch service startup, has accused fintech
firm Smart (previously TransferWise) of stifling truthful competitors by yanking it off its worth comparability websites. The startup in a letter written to the UK Competitors and Markets
Authority (CMA) accused Smart of “creating a considerable barrier to entry for
cheaper and extra modern suppliers to determine themselves.”
Atlantic Cash, which was based in 2021 and listed on Smart in October 2022, alleged that Smart stopped quoting its switch charges final week on the part on its [Wise’s] web site that lists the charges and overseas alternate
charges charged by different foreign money switch suppliers. The startup additional alleged that the extra established fintech firm has refused its entry into Exiap, a Smart-operated foreign money switch charges comparability web site. Smart
additionally runs comparable websites, Geldtransfer and Currencyshop.
Writing additional within the letter, Atlantic Cash, which launched within the UK and European
Union in 2022, famous that Smart’s motion “is dangerous to competitors throughout the
UK and EU,” including that the event may shoot up switch charges charged by
cash switch suppliers.
Watch the latest FMLS22 session on innovating in fintech.
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Nonetheless, a Smart spokesperson instructed Guardian UK that the corporate delisted Atlantic Cash briefly “for quite a few operational causes” together with
queries it obtained from the startup’s prospects. “We take compliance with all
relevant legal guidelines very severely,” the spokeperson mentioned.
Atlantic Cash’s web site says it costs a flat payment of £3 for cash
switch. Based on experiences, this payment might be cheaper for patrons after they
need to switch sure quantities of cash. Nonetheless, Smart in an announcement mentioned it
shouldn’t be afraid of itemizing cheaper alternate options.
Smart was established in January 2011 and is among the UK’s high fintech companies. The corporate hit a price of virtually £9 billion after
it debuted on the London Inventory Alternate in 2021. The London-headquartered firm continues to protect its development, posting an 80% year-over-year leap in its complete revenue
for the third quarter (October-December 2022) of its fiscal 12 months 2023.
In the meantime, the UK Monetary Conduct Authority on Wednesday issued an announcement of objections in opposition to three cash
switch companies for his or her doable unfair competitors practices in 2017. The
regulator can also be investigating the companies to find out if they’ve violated the nation’s Competitors
Acts of 1998.
Atlantic Cash, a UK cash switch service startup, has accused fintech
firm Smart (previously TransferWise) of stifling truthful competitors by yanking it off its worth comparability websites. The startup in a letter written to the UK Competitors and Markets
Authority (CMA) accused Smart of “creating a considerable barrier to entry for
cheaper and extra modern suppliers to determine themselves.”
Atlantic Cash, which was based in 2021 and listed on Smart in October 2022, alleged that Smart stopped quoting its switch charges final week on the part on its [Wise’s] web site that lists the charges and overseas alternate
charges charged by different foreign money switch suppliers. The startup additional alleged that the extra established fintech firm has refused its entry into Exiap, a Smart-operated foreign money switch charges comparability web site. Smart
additionally runs comparable websites, Geldtransfer and Currencyshop.
Writing additional within the letter, Atlantic Cash, which launched within the UK and European
Union in 2022, famous that Smart’s motion “is dangerous to competitors throughout the
UK and EU,” including that the event may shoot up switch charges charged by
cash switch suppliers.
Watch the latest FMLS22 session on innovating in fintech.
Maintain Studying
Nonetheless, a Smart spokesperson instructed Guardian UK that the corporate delisted Atlantic Cash briefly “for quite a few operational causes” together with
queries it obtained from the startup’s prospects. “We take compliance with all
relevant legal guidelines very severely,” the spokeperson mentioned.
Atlantic Cash’s web site says it costs a flat payment of £3 for cash
switch. Based on experiences, this payment might be cheaper for patrons after they
need to switch sure quantities of cash. Nonetheless, Smart in an announcement mentioned it
shouldn’t be afraid of itemizing cheaper alternate options.
Smart was established in January 2011 and is among the UK’s high fintech companies. The corporate hit a price of virtually £9 billion after
it debuted on the London Inventory Alternate in 2021. The London-headquartered firm continues to protect its development, posting an 80% year-over-year leap in its complete revenue
for the third quarter (October-December 2022) of its fiscal 12 months 2023.
In the meantime, the UK Monetary Conduct Authority on Wednesday issued an announcement of objections in opposition to three cash
switch companies for his or her doable unfair competitors practices in 2017. The
regulator can also be investigating the companies to find out if they’ve violated the nation’s Competitors
Acts of 1998.
