Deel, a global payroll provider, has acquired UK-based fintech Atlantic Money, which was established to challenge Wise in the money transfer market.
Founded in 2022 by former Robinhood employees, Atlantic Money offers a fixed-fee model, charging just £3 for transfers up to £1 million, compared to Wise’s progressive percentage-based rates. The startup has facilitated over £500 million in transfers for more than 10,000 customers, claiming to save users millions in fees.
Atlantic Money had plans to expand its services beyond the EU to include the US, Canada, and Australia before the acquisition.
Deel, which has relied on Wise for cross-border payments for five years, sees the acquisition as a way to strengthen its European payment infrastructure and integrate Atlantic Money’s fintech expertise.
In a statement, Atlantic Money’s CEO Neeraj Baid remarked:
“Joining Deel allows us to combine our innovative and efficient approach to financial services with Deel’s comprehensive platform. This will enhance the global financial ecosystem for businesses.”
Atlantic Money’s existing customer accounts and services will remain unaffected, according to Baid. However, no details were provided about the long-term plans for its independent customer base under Deel.
The financial details of the acquisition have not been disclosed.