Deel, a prominent payroll and compliance company, has made a significant move by acquiring U.K.-based international funds transfer company Atlantic Money. The details of the deal remained undisclosed, adding an air of mystery to this strategic acquisition. This acquisition marks Deel's ninth such deal, further solidifying its position in the market.

Uniting Payroll and Funds Transfer for Global Business Ease

Enhancing Global Payroll with Atlantic Money's Expertise

Deel will leverage Atlantic Money's expertise to enhance its global payroll solutions. This acquisition enables businesses to send secure international payouts with ease. By integrating Atlantic Money's capabilities, Deel can offer a more comprehensive service to its clients. With over 150 currencies supported in payroll and the ability to manage global workforces, Deel is now better equipped to handle the complexities of international business. For example, companies can now ensure that their employees in different countries receive their payments promptly and securely. This not only simplifies the payroll process but also builds trust among the workforce.

Moreover, the acquisition provides Deel with access to Atlantic Money's transparent fee structure. This allows businesses to have a clear understanding of the costs involved in international payouts. In contrast to some competitors, Atlantic Money charges a flat £3 ($3.80) fee for money transfers, which is on average 10 times cheaper than its competitor Wise. This cost-effective solution can lead to significant savings for businesses, especially those with a large international workforce.

Strengthening Payments Infrastructure in Europe

According to California-based Deel, acquiring Atlantic Money will help strengthen its payments infrastructure in Europe. The company aims to offer more fintech expertise to its clients, enabling them to navigate the complex world of international payments more efficiently. By adding Atlantic Money to its portfolio, Deel can provide a one-stop solution for businesses looking to manage their global payroll and funds transfer needs.

For instance, remote work management platform Hofy, payroll and HR platform PaySpace, and employee enablement platform Zavvy, which Deel acquired earlier this year, can now benefit from Atlantic Money's services. This integration allows for a seamless flow of funds and information across different platforms, streamlining business operations.

Helping Businesses Send Payouts to International Workforces

Neeraj Baid, Co-Founder and CEO of Atlantic Money, believes that Deel will leverage the money transfer firm's expertise and infrastructure to help businesses send payouts to their international workforces. Deel's mission is to make running a global business as easy as running a local one, and this acquisition is a step in that direction.

By working together, Deel and Atlantic Money can share insights and develop technologies that will benefit companies managing international workforces. This collaborative effort can lead to improved payment processes, reduced fees, and enhanced security for international payouts. For example, businesses can now offer their employees a seamless payment experience regardless of their location, which can improve employee satisfaction and productivity.

Deel was founded in 2018 and has been rapidly growing ever since. With this acquisition, the company continues to expand its services and reach. It has raised a total of $680 million in funding and was valued at $12 billion in May 2022. This acquisition is a testament to Deel's commitment to providing innovative solutions for global businesses.