Deel has acquired U.Ok.-based worldwide funds switch firm Atlantic Cash. Phrases of the deal weren’t disclosed.
The acquisition marks Deel’s ninth acquisition.
Deel will leverage Atlantic Cash’s experience to reinforce its international payroll options, enabling companies to ship safe worldwide payouts.
Payroll and compliance firm Deel has acquired worldwide funds switch firm Atlantic Cash. Phrases of the deal, which was introduced late final week, weren’t disclosed.
In line with California-based Deel, buying Atlantic Cash will assist strengthen Deel’s funds infrastructure in Europe and provide it extra fintech experience. That is Deel’s ninth acquisition and its fourth one this 12 months. Atlantic Cash joins distant work administration platform Hofy, payroll and HR platform PaySpace, and worker enablement platform Zavvy — Deel’s three different acquisitions this 12 months.
Based in 2020, U.Ok.-based Atlantic Cash helps customers ship cash internationally with a clear price construction. The corporate prices a flat, £3 ($3.80) price for cash transfers and claims to be, on common, 10x cheaper than its competitor Sensible. Not like Sensible, nevertheless, Atlantic Cash is rather more restricted in scope. The corporate solely facilitates funds transfers amongst 10 international locations, whereas Sensible permits customers to ship funds to just about 90 international locations. Since its inception, Atlantic Cash has moved over half a billion kilos for 10,000+ clients, serving to them save “hundreds of thousands” in charges.
In line with Atlantic Cash Co-Founder and CEO Neeraj Baid, Deel will leverage the cash switch agency’s experience and infrastructure to assist companies ship payouts to worldwide workforces. “Deel’s mission is to make operating a world enterprise as straightforward as operating a neighborhood one, and that features serving to employees make international funds securely and simply,” mentioned Baid. “Our workforce appears to be like ahead to working alongside Deel’s specialists to share insights and develop applied sciences that can profit firms managing worldwide workforces.”
Deel was based in 2018 and allows firms to rent staff throughout the globe and pay them in additional than 150 currencies. Along with facilitating payroll, the corporate helps firms handle international workforces, rent contractors, relocate employees, and extra. Deel was valued at $12 billion in Could of 2022 and has raised a complete of $680 million in funding.
Picture by Matthias Groeneveld
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