British fintech and international money transfer service Atlantic Money has confirmed its acquisition by Deel, a payroll and HR platform.
Financial terms of the takeover have not been disclosed by either Atlantic Money or Deel, which announced the acquisition in separate updates on each company’s respective website.
Neeraj Baid, Co-founder and CEO of Atlantic Money, has provided some scope on what the combined entity will work towards, however. The CEO stated that the takeover will combine his firm’s ‘innovative and efficient approach to offering financial services’ with Deel’s own platform.
Atlantic Money will contribute insights to Deel’s global business mission, he added, and work to develop technologies geared towards managing international workforces. Atlantic Mone’s existing customers in the fintech space will retain their accounts and transfer services.
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,” Baid remarked.
“Thanks to early supporters like you, we’ve made incredible progress – moving over half a billion pounds for more than 10,000 global customers while saving people millions in fees compared to former disruptors.
“While I’m incredibly proud of Atlantic Money’s journey so far, I’m even more excited for this next chapter as we join Deel’s talented team. I can’t wait to see the new services our teams develop together.”
The takeover showcases the continuing activity of Britain’s financial services and fintech sectors, which have become a key focus for the country’s government of late.
The Labour government of PM Keir Starmer and Chancellor of the Exchequer, Rachel Reeves, have been keen to see financial services grow and make a bigger contribution to the UK’s economic growth, with it already counting for just under one-tenth of UK GDP.
The acquisition of London-based Atlantic Money by San Francisco-based Deel show that international interest in the UK’s fintech scene remains. The recent launch of BNPL giant Affirm and reported negotiations with Brazilian neobank Nubank could also be indicators of this.
On the other hand, the City of London has been losing its edge as a centre for large listed companies. Swedish fintech Klarna, a leader in the European BNPL space, recently opted for a US listing as opposed to a British one, for example.
