Ex-Tink staff elevate €5m seed for startup Atlar

Index Ventures led the seed spherical for the brand new fee automation startup.

Picture supply: Joel Wägmark, Johannes Elgh, Joel Nordström/Atlar.

Following Visa’s acquisition of Tink for $1.8bn final 12 months, three of the fintech’s group members set off to discovered their very own startup – a financial institution funds platform for automated cash motion.

Based by Joel Nordström, Joel Wägmark, and Johannes Elgh in Could, Stockholm-based startup Atlar has now raised a €5m seed spherical led by Index Ventures.

The spherical additionally noticed participation from a variety of angel buyers, together with Revolut CFO Mikko Salovaara,  N26 CFO Jan Kemper and former EVP of worldwide gross sales at Adyen Thijn Lamers, in addition to La Famiglia VC and Cocoa.

“Whereas fintech instruments have offered innovation for firms relating to accepting funds and ‘open banking’, comparable developments haven’t arrived to allow funds flows that start in an organization’s personal financial institution accounts,” Atlar wrote in a weblog put up.

“That is the place we are available.”

With an estimated €260 trillion shifting by means of European banks in funds, insurance coverage premiums, deposits and so forth. yearly, Atlar lets companies connect with its platform through an API which then connects to their banks.

Companies are then capable of automate all their fee actions, together with initiating and reconciling transfers in addition to handing direct debits.

Atlar has already onboarded a variety of early prospects to its platform, together with insurance coverage firm Lassie, funds firm Mynt and German fintech lender Banxware.

“Having been by means of the ache of each constructing our personal financial institution integrations and establishing a again workplace group, we have been thrilled to accomplice with Atlar,” Banxware founder and COO Nicolas Kipp mentioned.

“Their platform offers us precisely what we’d like to be able to deal with our financial institution funds, which lets us give attention to our core enterprise.”