FinTech news in Atoa Payments category

Narayanan and O’Dowd were used to card alternative payments after living in Singapore, and saw an opportunity to use the U.K. open banking payments stack to build a Visa and Mastercard alternative, Narayanan told us. Atoa co-founder Sid Narayanan told journalist that he and co-founder Cian O’Dowd developed the idea for Atoa after selling their previous startup, expense management platform KlearCard, to Singapore fintech Validus in 2021. Mastercard and Visa payment rails can cost small merchants and their customers net margins of 51%, with card machine fees of about 1.75%, Narayanan said. To incentivize more customers to use Atoa, the startup also plans to add rewards and loyalty benefits, like digital scratch cards that can let them get cash rewards into their existing U.K. bank accounts.