Deel has acquired U.Okay.-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 boost 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.
Based on 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.Okay.-based Atlantic Cash helps customers ship cash internationally with a clear charge construction. The corporate prices a flat, £3 ($3.80) charge for cash transfers and claims to be, on common, 10x cheaper than its competitor Smart. In contrast to Smart, nevertheless, Atlantic Cash is rather more restricted in scope. The corporate solely facilitates funds transfers amongst 10 nations, whereas Smart permits customers to ship funds to almost 90 nations. Since its inception, Atlantic Cash has moved over half a billion kilos for 10,000+ clients, serving to them save “thousands and thousands” in charges.
Based on 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 worldwide enterprise as simple as operating an area one, and that features serving to staff make international funds securely and simply,” mentioned Baid. “Our workforce seems to be ahead to working alongside Deel’s consultants to share insights and develop applied sciences that can profit corporations managing worldwide workforces.”
Deel was based in 2018 and allows corporations to rent workers throughout the globe and pay them in additional than 150 currencies. Along with facilitating payroll, the corporate helps corporations handle international workforces, rent contractors, relocate staff, and extra. Deel was valued at $12 billion in Might of 2022 and has raised a complete of $680 million in funding.
Picture by Matthias Groeneveld
