Digital payroll vendor Deel has acquired Atlantic Money, a UK fintech startup that aims to compete with money transfer giant Wise.
Founded by two early employees of Robinhood, Atlantic Money emerged from stealth in March 2022 after raising £7.5 million in a Seed round. The company offers a lower-cost alternative for larger transactions compared to Wise, which it claims imposes progressive fees through its fixed percentage rates. Atlantic Money addresses this issue by providing the live mid-market currency rate and a flat fee of £3 for transfers up to £1 million.
Earlier this year, Atlantic Money announced plans to expand beyond the EU to include the US, Canada, and Australia.
Having relied on Wise’s platform for cross-currency transfers over the past five years, Deel believes this acquisition will enhance its payments infrastructure in Europe while integrating Atlantic Money’s fintech expertise into its operations.
Neeraj Baid, co-founder and CEO of Atlantic Money, explained the motivation behind the acquisition: “When we launched Atlantic Money two years ago, our goal was to create the world’s best and most affordable money transfer solution for individuals and companies. We’ve achieved significant milestones, facilitating over half a billion pounds in transactions for more than 10,000 global customers while saving them millions in fees compared to other providers.”
Baid added, “Joining Deel allows us to merge our innovative financial service approach with Deel’s comprehensive platform, ultimately strengthening the financial ecosystem for businesses operating internationally. Our team is excited to collaborate with Deel’s experts to share insights and develop technologies that benefit companies managing global workforces. For our customers, your accounts, transfers, and security will remain unaffected.”
Details regarding the terms of the deal were not disclosed.