Stockholm Treasury Startup Atlar Plants Flag in New York as Transaction Volume Surges
Atlar opened its New York headquarters in mid-August, marking a significant expansion for the Stockholm-based treasury platform as it reported €500 billion in annualized transaction volume and a client roster of 150 companies worldwide.
The move signals growing ambition for a startup that positions itself as "AI-native" in a treasury management market long dominated by established players like Kyriba. Among Atlar's new US customers are telecom infrastructure provider Bandwidth and benefits platform Flex, both of which have integrated the software into daily operations. Bandwidth connected all its banking relationships to Atlar's platform and now queries treasury data using Claude through the Model Context Protocol. Flex, which came aboard earlier this year, deployed Atlar's AI agents to sweep idle cash nightly—a task the company claims delivered a fivefold return on its software investment.
The traction comes as corporate treasury departments face mounting pressure to automate routine tasks and extract more value from cash positions. Treasury software has historically been clunky, requiring manual data entry and offering limited real-time visibility into cash flow. Atlar's pitch is that agentic AI workflows can handle tasks like cash sweeps, reconciliation, and forecasting with minimal human oversight.
The platform connects directly to banks in more than 100 countries and plugs into major enterprise resource planning systems including NetSuite, Microsoft Dynamics 365, SAP S/4HANA, and Workday. Atlar launched its AI agents for treasury functions in February and became the first platform to integrate J.P. Morgan Payments' new API designed specifically for AI agents, a partnership announced on April 29.
"Our team is covering a lot of banks, and Atlar helps carry the load," said Scott Taylor, Treasurer at Bandwidth, in a statement accompanying the New York opening. "It saves us hours every week."
Brian Ehrlich, VP Finance at Flex, echoed that sentiment in written remarks: "The investment in Atlar has paid for itself five times over."
Tink Alumni Build for a New Market
Atlar's founding team carries deep credentials in financial connectivity. CEO Joel Nordström, CPO Joel Wägmark, and CTO Johannes Elgh all worked at Tink, the open-banking platform Visa acquired for $2 billion. Nordström joined Tink as employee number 12, while Elgh directed bank connectivity engineering before the trio left to start Atlar in 2022.
The company raised a €5 million seed round in November 2022 led by Index Ventures, with participation from La Famiglia VC (since folded into General Catalyst's European operation), Cocoa VC, and a group of angels including Revolut CFO Mikko Salovaara, former Adyen executive Thijn Lamers, and former N26 CFO Jan Kemper. That funding set the stage for product development and early customer acquisition in Europe before the recent US push.
Atlar's customer list now includes a mix of mid-market companies and fast-growing startups: Christie Lites, Gigs, Oyster, Preply, Reach, TradingView, Trilogy, and Zafin. The platform holds a 4.8 out of 5 rating on G2 based on 70 reviews as of late September, and NetSuite named it the SuiteCloud International Partner of the Year in 2025.
Racing for Bank Partnerships
The April integration with J.P. Morgan Payments marked a notable win. The bank's new API allows Atlar customers to authenticate and connect accounts in seconds rather than the days or weeks traditional integrations can require. "Useful AI in finance starts with connectivity," Nordström said at the time.
Lisa Davis, Head of Digital & Design Commercialisation at J.P. Morgan Payments, told trade publication Trade Treasury Payments that the integration reflects the bank's broader strategy. "The ability to authenticate and go live in seconds, with real-time data and payments that are delivered efficiently, is another example of our commitment to provide companies with the tools they need to manage their treasury operations securely today and to keep pace with what's next," she said.
Atlar also built a pre-packaged integration for Citi that went live on the Citi Developer Portal in March, further expanding its banking network.
Those partnerships matter in a competitive landscape where network effects and bank access create defensibility. Atlar competes directly with Modern Treasury and Trovata, both of which also appear on J.P. Morgan's partner directory, as well as incumbents like Kyriba. Tipalti acquired AI-native treasury automation provider Statement in June 2025 and later announced $200 million in growth financing in October 2025, signaling investor appetite for treasury automation. Another startup, Panax, markets itself as an AI-native treasury competitor as well.
The competitive dynamic raises familiar questions about how venture-backed challengers will displace entrenched software in a category where switching costs run high and finance teams move cautiously.
For now, Atlar is focused on expansion. The company said it is hiring commercial roles in New York and forging partnerships with US-focused ERP platforms Campfire and Rillet. Whether the New York beachhead translates into sustained US market share remains to be seen, but the early customer wins suggest treasury leaders are at least willing to experiment with newer tools—particularly when the promise involves less manual work and better cash optimization.
