Former Tink workers launch Atlar, a fee automation startup • TechCrunch

Stockholm-based startup Atlar raised a $5 million (€5 million) seed spherical led by Index Ventures. The corporate has been engaged on an utility programming interface (API) that facilitates bank-to-bank funds for European companies.

In addtion to Index Ventures, La Famiglia VC, Cocoa and numerous enterprise angels additionally participated within the spherical, equivalent to Revolut CFO Mikko Salovaara, former EVP of world gross sales at Adyen Thijn Lamers and N26 CFO Jan Kemper.

Whereas European shoppers are already fairly aware of open banking and fee initiation, numerous B2B transfers are nonetheless processed manually. Enterprise banking hasn’t skilled the identical stage of innovation in the case of funds.

And but, company banks already supply methods to provoke funds with out having to connect with an online portal and add a spreadsheet. However banks don’t essentially run trendy REST APIs. They anticipate a textual content file formatted in a really particular approach on an SFTP server.

When you’ve got a improvement crew, they may construct a customized integration. However many firms merely don’t have the sources to keep up these connections. They’d reasonably pay a associate to deal with all of the technical particulars.

Atlar supplies a contemporary API that hides all of the complexities concerned with financial institution connections. As soon as an organization makes use of Atlar, it may set off transfers, reconcile transactions and course of direct debits by means of Atlar’s API straight.

Particularly, Atlar can be utilized for payouts, insurance coverage premiums, deposits and mortgage payouts. Firms that function throughout a number of European nations doubtless have a number of financial institution accounts. That’s why automating funds could possibly be a pleasant improve for these companies.

“Accepting funds as a enterprise is fairly painless now, however initiating them along with your financial institution remains to be agonisingly gradual and handbook,” Atlar co-founder and CEO Joel Nordström stated in an announcement. “For this reason Atlar is on a journey to changing into the working system for bank-based funds. By creating a brand new class, we hope to unleash a wave of innovation for our shoppers which is able to in the end profit European shoppers and companies.”

Along with Joel Nordström, Joel Wägmark and Johannes Elgh are the 2 different co-founders. They have been all working at Tink, the open banking firm that was acquired by Visa for $2.2 billion.

Atlar competes with Numeral, a French startup that I lined earlier this year. To this point, Atlar focuses on the Nordics, Germany, Austria and Switzerland. Right this moment’s funding spherical can be useful in the case of European growth.

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