Deel Bolsters Payment Infrastructure in Europe With Atlantic Money Acquisition

Global human resources (HR) and payroll product provider Deel has acquired London-based money transfer service Atlantic Money.

“This acquisition aims to strengthen Deel’s payment infrastructure in Europe and integrate Atlantic Money’s FinTech expertise into the company,” Deel said in a Wednesday (Nov. 27) announcement.

In Atlantic Money’s own announcement of the acquisition, Neeraj Baid, co-founder and CEO of Atlantic Money, said the move will combine the company’s financial services offering with Deel’s all-in-one payroll and HR platform for global teams, “ultimately enhancing the financial ecosystem for businesses operating globally.”

“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,” Baid said. “Our team looks forward to working alongside Deel’s experts to share insights and develop technologies that will benefit companies managing international workforces.”

Baid added in the announcement that Atlantic Money has moved over a half billion pounds for more than 10,000 global customers since its launch two years ago, and that its customers’ accounts, transfers and security remain intact.

When Atlantic Money launched its money transfer mobile service, Baid told PYMNTS in an interview posted in July 2022 that it would enable U.K. customers to transfer up to 1 million pounds abroad for a fixed fee of 3 pounds, helping them save up to 99% on their cross-border payments costs compared to other competitors.

Deel’s acquisition of Atlantic Money follows two other collaborations announced earlier this year.

In May, Deel said it extended its strategic investment in embedded finance firm Alviere to help global companies hire and pay workers in the United States. With this move, the Alviere embedded finance and compliance program was integrated into Deel’s global HR and payroll platform.

In March, Deel said it was set to acquire payroll and HR firm PaySpace, which operates in 44 countries across the Middle East and Africa (MEA) region and has more than 14,000 customers. Deel said at the time that the acquisition would enable Deel to give its customers greater coverage and faster and more flexible payroll, and allow PaySpace to expand beyond the MEA region.