The new fintech startup Atlar, founded by three former Tink employees, Joel Nordström, Joel Wägmark, and Johannes Elgh, is launching. Atlar allows businesses to communicate directly with banks via a novel layer to seamlessly and automatically initiate and reconcile payments.
The Swedish fintech has raised €5 million in a seed round from well-known investors. In addition to Index Ventures, La Famiglia VC, Cocoa, and several business angels participated in the round, including Revolut CFO Mikko Salovaara, former EVP of Global Sales at Adyen Thijn Lamers and N26 CFO Jan Kemper.
Atlar provides outbound payment solutions.
It is estimated that around 260 trillion euros are moved through European banks through disbursements, insurance premiums, deposits and loan payments. However, much of this is still done manually. Through spreadsheets uploaded to banks, direct debits that need to be matched with invoices, or homegrown software solutions developed makeshift by finance and IT teams.