How Deel moves money: payment companies, licences and partners

analysisDeel announced in December 2024 that it had acquired Atlantic Money, a UK money-transfer start-up founded by two early Robinhood employees to compete with Wise; terms were not disclosed. Deel said it had used Wise for cross-currency transfers for five years and that the purchase would strengthen its payments infrastructure in Europe. Atlantic Money's co-founder and chief executive Neeraj Baid said the company had moved more than half a billion pounds for over 10,000 customers since its launch two years earlier. The LEI register lists Atlantic Money, Inc. (Delaware registration 4002648, created on 12 November 2020, headquartered in Redwood City) as the only direct child of Deel, Inc. with an LEI. ^{1 2 3}

analysisThe UK company (company 13057810), named Atlantic Money Ltd until a certificate of 16 April 2026 renamed it DEEL PAYMENTS UK LTD, made four share allotments in 2024, after which its share capital was GBP 6. Its confirmation statement made up to 1 December 2025 lists ATLANTIC MONEY, INC as holder of all six shares, while its 2024 accounts name Deel Inc. as immediate and ultimate parent and say there is no ultimate controlling party; the two filings thus name different parents. Since December 2020 the company has stated that it has no registrable person with significant control. Atlantic Money's support page states that Atlantic Money Limited is authorised by the Financial Conduct Authority as a payment institution (firm reference 947491); the FCA register entry itself is not retained in readable form. ^{1 2 3 4 5}

analysisIts unaudited 2024 accounts, signed by director N Baid on 11 February 2026, show cash of £2,070,980, net assets of £259,483 and an accumulated loss of £2,879,230, with an average of three employees. Companies House lists its current directors as Neeraj Baid (since December 2020), Deel lawyer Asif Malik (since 10 February 2025), Yonatan Isaac Muyal, Cathlene Bryony Belknap and Anthony Verhelpen, with Oakwood Corporate Secretary Limited as secretary; co-founder Patrick Ryan Grossmann-Kavanagh was a director until January 2024, and former directors also include Emily Rose Marshall, Calum David Mcwhir and Paul Record. In a decision due for acceptance by 27 March 2025 the Financial Ombudsman Service did not uphold a complaint by a customer who had sent two payments through the Atlantic Money app to a scammer selling a car. ^{3 6 7}

analysisBelgium's Crossroads Bank for Enterprises lists DEEL PAYMENTS EUROPE (enterprise number 0783.476.423), a public limited company started on 16 March 2022 with capital of EUR 2,633,000, as active in auxiliary financial services. Its directors are Neeraj Baid, Laetitia Abrami, Dor Barda Sartena, Anthony Verhelpen and Cathlene Belknap; Baid, Belknap and Verhelpen also sit on the UK company's board. The National Bank of Belgium lists Deel Payments Europe NV as a payment institution licensed for executing payment transactions and money remittance since 21 June 2022, and records its change of name from Atlantic Money NV on 4 June 2026. ^{1 2 3}

analysisDeel's licences page, archived on 5 December 2025, says Deel operates through licensed subsidiaries and regulated payment providers, and that DPayments LLC (NMLS ID 2579142) is registered with FinCEN as a money services business and holds money-transmitter licences in US jurisdictions, including a Florida licence; DPayments CANADA INC. is registered with FINTRAC and licensed by Revenu Québec. The licence numbers are the company's statements, as the regulators' own registers are not retained. In its Delaware complaint Deel said it had applied for money-transmission licences through its affiliate DPayments and had never tried to hide that affiliation. ^{1 2}

analysisFlorida's Department of State lists DPAYMENTS LLC, a Delaware company authorised in Florida on 19 January 2024, as active, with a Miami address since March 2026 and DFINANCIAL HOLDINGS LLC of St Petersburg as its member and only listed authorised person. A name search of the Florida register found no entity of that name, so DFINANCIAL HOLDINGS' own owners are not identified in the retained record. ^{3 4}

analysisDeel's help centre states that Deel is not a bank and that the Deel Wallet is provided by Mezu (NA), Inc., doing business as Alviere, as a licensed money transmitter and/or as agent of Community Federal Savings Bank, where funds are held with pass-through FDIC insurance. California's financial regulator lists Mezu (NA) as a licensed money transmitter with no posted enforcement actions. Deel stated on its blog that it had made a strategic investment in Alviere, of undisclosed size, and was applying for money-transmitter licences throughout the United States. ^{1 2 3}

analysisFunds can be withdrawn from the Deel Wallet to Wise, by instant card transfer, to a local bank account or IBAN, or by SWIFT. A business news outlet reported in 2020 that employers paid through Deel by card, bank transfer or ACH and that contractors could be paid through PayPal, Payoneer or bank transfer. ^{1 4}