Atlys will be the next BluSmart / EaseMyTrip

For Atlys - nothing has really worked.

Visa numbers are the same, they definitely lied in one of their investor update of 60% cross sell between visa & forex card

no material changes of Matrix Forex numbers after Atlys partnership

International visa companies already existed but they knew that it’s not a venture scale business. So they ran it profitably. Atlys pushed so much money on Google & Meta ads to show growth during fundraise & now have stopped all of those.

They were planing to work with government via their subsidiary SkyLane but Singapore government official stripped them off of the partnership and shared a warning with all existing members to not accept any visa application from Atlys & SkyLane due to multiple breaches and failure to comply.

I also hear there are some FEMA violations which the company is aware of but haven’t been whistleblown like Gensol yet.

And behind all of this is legendary VCs are Peak XV.