The world of financial technology (FinTech) is becoming an increasingly competitive one, and new startups are emerging daily, trying to gain traction in this new market.
One such startup is Atmen. Atmen has recently been accepted into Startupbootcamp, an accelerator program for early-stage and growth-oriented companies in the financial technology sector.
What is Atmen?
Atmen is a challenger bank, or neo-bank, that are aiming to address racial bias in pricing financial products like personal loans, mortgages, and other fixed-income assets. With a virtual debit card, account holders send money worldwide directly from their account to family and friends abroad at lower fees than the average bank.
An alternative solution
In our digital era, Atmen’s platform will be available in the form of a mobile app. Whether it’s to send money back home to your loved ones or to make an online purchase, Atmen’s goal is to be able to process transactions as quickly and safely as possible.
An excellent example of using Atmen is the Diaspora Community. During their contracts, diaspora workers abroad often send home remittances to friends and family. However, sending money through traditional banking routes is cumbersome and expensive – it can take over a week for a worker’s hard-earned money to reach their family, and they will have to pay costly remittance fees in the process.
Atmen aims to fix this problem.
What does Startupbootcamp provide for Atmen?
Startupbootcamp provides four main things for Atmen: connections, mentors, workshops, and access to networks.
Connections
Connections are provided by the vast network the Startupbootcamp has developed through its various accelerator programs. Challenger banks can significantly benefit from established banks, and Startupbootcamp provides Atmen with just that.
From investors to potential partners, Startupbootcamp has made many influential friends in the world of finance, and they are eager to help Atmen grow.
Mentors
Mentors are experienced entrepreneurs who guide the company through creating a startup. Their experience makes them a helpful resource in various areas, from finance to marketing and design, thus helping the company to converge its vision with execution.
The world of Fintech is a whirlwind of legislation, compliance, and risk management. A mentorship can ensure that Atmen’s startup process is as smooth as possible.
Workshops
Workshops can be beneficial in giving Atmen ideas for making the services offered by the company more appealing to customers, and Startupbootcamp understands this.
Workshops can also help the company improve the quality of its services and make them more efficient.
Access to Networks
Finally, Startupbootcamp provides access to networks inside and outside of the financial technology sector; connections give startup companies their edge. Things like Google Pay and Apple Pay-enabled payments, for example, can help Atmen’s accelerated growth.
What does it mean for Atmen?
Atmen will greatly benefit from Startupbootcamp’s support. This will be the next step for Atmen to get established as a major player in the financial technology sector.
The owners of Atmen are currently bootstrapping the project with support from their friends, family and diaspora community network, so Startupbootcamp’s support in the form of a grant and mentorship is a welcome addition for them.
Once it gets going in full swing, Atmen aims to promote financial inclusivity amongst the diaspora community and transparency in pricing, ending unethical practices that currently plague the banking sector. Being accepted into Startupbootcamp is a significant step forward in achieving that goal.
Who Can Benefit From Atmen?
Atmen is an exciting project that can benefit several different types of people, but its main focus is the diaspora community. The name comes from the German word for “To Breathe.” This nod indicates that Atmen can provide much-needed relief to those who may feel like they are drowning in the traditional banking system.
Systemic racism has failed diaspora communities in many nations, trapping them in poverty due to the high-interest rates, difficulties providing paperwork to open an account and other factors that lead to many being excluded from the financial sector.
Atmen’s account allows for easy cross-border money transfers, helping people escape this cycle of debt and poverty. Atmen’s goal is to create a fairer, more inclusive and more connected society for the diaspora community.
For entrepreneurs in the diaspora community, Atmen plans to offer even more benefits. The Atmen team is working on a future feature that will allow entrepreneurs to apply for loans directly from the app, thus making it easier to get funding for their business, while this is some way away, it’s an exciting project the team are looking forward to launching.
Final Thoughts
Atmen is a breath of fresh air in the banking sector, especially for the diaspora community. This innovative startup company could go far, especially with the support provided by Startupbootcamp.
Follow the progress leading up to their launch in March on their website.