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Thursday, September 21, 2023

Swedish fintech startup grabs €5M seed to automate bank payments for tech companies

Stockholm-based bank payments platform Atlar has raised €5 million in a seed round led by Index Ventures and 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. The startup enables businesses to automate all of their payment activities – including initiating transfers, reconciling transactions, and handling direct debits – directly with their existing bank partners.

Atlar was founded in 2022 by Johannes Elgh, Joel Wägmark and Joel Nordström who were previously early team members at Tink (acquired by Visa for $2.2bn). Atlar is backed by Index Ventures – a firm that has previously backed category defining companies such as Adyen, Revolut, Figma, and many more.

Atlar, Joel Nordström“Accepting payments as a business is pretty painless now, but initiating them with your bank is still agonisingly slow and manual,” says Joel Nordström, Atlar’s CEO. “This is why Atlar is on a journey to becoming the operating system for bank-based payments. By creating a new category, we hope to unleash a wave of innovation for our clients which will ultimately benefit European consumers and businesses.”

Click to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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