Deel boosts European payments infrastructure with acquisition of Atlantic Money
US-based HR and payroll fintech Deel has acquired Atlantic Money, a London-headquartered money transfer start-up, for an undisclosed sum.
Deel acquires money transfer start-up Atlantic Money
With the acquisition, Deel says it aims to strengthen its “payments infrastructure in Europe and integrate Atlantic Money’s fintech expertise into the company”.
Founded in 2020 by Robinhood alumni Neeraj Baid and Patrick Kavanagh, Atlantic Money launched its cross-border money transfer app in the UK and Europe in 2022 with a mission to “bring equality to the global money transfer market”.
The company, which secured $7.5 million in seed funding over 2022 from backers including Index Ventures, Kleiner Perkins, Amplo, and Ribbit, claims to be “the only international money transfer provider to offer the live exchange rate and a flat fixed fee of £3 for transfers all the way up to £1,000,000”.
Earlier this year, the start-up also revealed its plans to expand its services across the US, Canada and Australia.
Announcing the acquisition, Atlantic Money co-founder and CEO Baid says: “Deel’s mission is to make running a global business as easy as running a local one, and that includes helping workers make global payments securely and easily.”
Headquartered in San Francisco, Deel says it offers an all-in-one platform designed to “simplify every aspect of managing a workforce, from onboarding, compliance and performance management, to global payroll, HRIS and immigration support”.
The company has been active on the M&A front this year, securing a deal to acquire South Africa-based payroll and HR company PaySpace for an undisclosed sum back in March to further expand its services.
