Atomic receives $40 million in funding to link banks and fintech to consumer paychecks
Banks have long been regarded as our money’s gatekeepers in the fintech sector. However, a brand-new business named Atomic is altering that. Banks can now link to their customers’ checking accounts using its software and release money to their paychecks to be deposited before payday. Just five months after its Series A round of fundraising, the company recently raised $40M. With the additional cash, Atomic will be able to reach more banks with its software and grow its customer base.
How does Atomic perform?
A technology called Atomic links users’ paychecks to banks and fintech. It accomplishes this by establishing connections with the leading banks and fintech companies while enabling customers to transfer money to and from their bank accounts. Additionally, the business is developing a quicker, more secure method of sending money. Currently headquartered in New York City, the company eventually intends to relocate to Silicon Valley.
How much money is raised in the Series A round?
A business starts by obtaining funding from investors during an investment round. The terms funding round and investment round are interchangeable. In this round, investors provide funding to the business. Ownership of the company is not transferred to investors. Shares of the business are given to investors in return for their money.
How Atomic links banks and consumers –
After raising $40 million in fundraising, Atomic, a firm that wants to digitize how consumers make payments, aims to raise $500 million in capital over the next three years. Just five months after its initial round, San Francisco-based Atomic, run by CEO Alex Holmes and co-founder Noah Heller, has received $40 million. It was a $12 million round in which Goldman Sachs and others participated. The business plans to raise $500 million over the coming years.
Why Atomic is profitable –
Atomic’s growth results from its capacity to offer banks and fintech a full-service product. Along with the ability to transfer payments, it provides statistics and insights that assist banks and fintech in finding the best clients. Every transaction is secure and private. The business was also able to introduce this service at a reasonable price. The market has also been able to expand swiftly due to its size.
How does this investment impact the fintech industry?
This investment is vital for the fintech industry since investors are still interested in supporting fintech businesses. The acquisition is so significant that it may change how banks and fintech businesses interact with clients. Since fintech is revolutionizing the financial industry, more people are starting to respect them. By supporting and growing the fintech industry, this investment will benefit both consumers and fintech. By supporting and developing the fintech industry, this investment will be advantageous to both consumers and fintech.
What advantages come with using Atomic?
A digital payments network called Atomic links customers and employers. Customers may manage all of their financial information in one location, lowering the possibility of identity theft. Over 100,000 new customers have signed up since the company’s previous investment round of $40 million five months ago. A digital payment platform is called Atomic.
Why does Atomic need to raise $40 million?
Atomic, a brand-new company in the personal finance sector, is raising $40 million to assist in bridging the gap between consumers’ paychecks and banks and fintech. Goldman Sachs and Intel Capital led the startup’s $20 million Series A fundraising round. They are a recent arrival into the personal finance sector and are taking a significant step towards facilitating more accessible access to consumers’ money.
Also Read More Article :- Canada’s Neo Financial Closes on $145M In Series C, Surpassing 1 Million Customers
