Atum, New Payment Network from Former Visa Crypto Head, Raises $13.5 Million
Source: Finextra
Arth Insight · What this means for your wallet
- Could eventually lead to lower transaction fees on digital payments, especially for international transfers.
- May introduce more convenient, faster, and efficient digital payment options for you in the long run.
- Signals a global trend towards more interconnected payment systems, potentially enhancing security and reliability of future digital transactions.
Atum, an open payments network, has officially launched after securing $13.5 million in funding. The new venture is founded by Pete Cooling, who previously led the crypto product team at global payments giant Visa. This marks a significant development in the ongoing evolution of digital payment infrastructure.
- ▸A new open payments network called Atum has launched globally with $13.5 million in initial funding.
- ▸Atum was founded by Pete Cooling, who previously led the crypto product team at Visa.
- ▸This development highlights continued innovation in the digital payments sector, aiming for more efficient and interconnected financial systems.
- ▸While an international development, such innovations can eventually influence how you make digital transactions faster and cheaper in the future.
- ✓A new open payments network called Atum has launched globally with $13.5 million in initial funding.
- ✓Atum was founded by Pete Cooling, who previously led the crypto product team at Visa.
- ✓This development highlights continued innovation in the digital payments sector, aiming for more efficient and interconnected financial systems.
- ✓While an international development, such innovations can eventually influence how you make digital transactions faster and cheaper in the future.
A new player has entered the global digital payments landscape: Atum, an open payments network, which has emerged from its 'stealth' phase after successfully raising $13.5 million in initial funding. The company is spearheaded by Pete Cooling, a notable figure in the fintech world, having previously served as the crypto product team lead at Visa, one of the world's largest payment technology companies.
Cooling's background at Visa, particularly his experience in the rapidly evolving cryptocurrency space, brings considerable expertise to Atum. His move to establish an open payments network suggests a focus on creating more interconnected, efficient, and potentially lower-cost ways for money to move across different financial systems globally. While the specific details of Atum's technology and immediate rollout plans are yet to be fully disclosed, the concept of an 'open payments network' generally aims to enhance interoperability between various payment providers, banks, and financial institutions.
For the average Indian retail reader, this development, while originating internationally, is part of a broader trend that can eventually impact how digital payments are made and received worldwide, including in India. Open networks often seek to streamline cross-border transactions, reduce processing fees, and accelerate settlement times. These improvements can lead to more convenient and affordable digital payment options for consumers and businesses alike in the long run.
The $13.5 million in funding signifies strong investor confidence in Atum's vision and its leadership. This capital will likely be used to build out its technology platform, expand its team, and forge partnerships within the financial ecosystem. The emergence of new, well-funded players like Atum underscores the continuous innovation happening in the fintech sector, driven by a global push towards faster, more secure, and more accessible digital financial services.
As digital transactions become increasingly integral to daily life, developments in payment infrastructure like Atum's hold the potential to shape the future of how money is exchanged. While Atum is currently in its nascent stages, its launch by a former Visa executive with significant funding signals its intent to be a key innovator in the evolving world of digital finance.
This report is for informational purposes only and does not constitute financial or investment advice.
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Frequently Asked Questions
What is Atum?
Atum is a newly launched 'open payments network' that aims to innovate and improve global digital payment infrastructure, making transactions more efficient and interoperable.
Who founded Atum?
Atum was founded by Pete Cooling, who previously held a significant role as the crypto product team lead at the global payment technology giant, Visa.
What does an 'open payments network' mean for me?
An open payments network typically seeks to make different payment systems talk to each other more easily. In the long run, this could lead to faster, cheaper, and more convenient digital transactions for consumers and businesses globally.
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