Deel raises $425M for its hiring, compliance and payments platform
The solution eliminates remote hiring hurdles and supports over 120 currencies
Deel, a global compliance and payroll solution provider, has raised $425 million in a Series D funding round led by Coatue. A number of new and existing investors also participated in the round, including Altimeter Capital, Andreessen Horowitz, YC Continuity Fund, Spark Capital, and Greenbay Ventures.
The latest round of funding puts Deel’s value at $5.5 billion.This makes Deal the most valuable company in the global hiring, payments, and compliance sector.
Deel allows businesses to hire employees and contractors compliantly without a local entity. Furthermore, the platform offers support for more than 120 currencies, enabling companies to pay their global teams instantly.
“The way people work is fundamentally changing. And it’s never going back,” said Alex Bouaziz, Deel CEO.
Bouaziz added, “We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent. We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”
GDPR-compliant, Deel also lets businesses create, send, and sign data-protection agreements (DPA) through a centralized dashboard. Besides compliance, the firm also handles health insurance and pensions.
Organizations can sync invoice data with desired accounting software, receive compliant digital invoices for every contractor payment, automate payslips, and more.
The future of productivity
Driving your business forward with Microsoft Office 365Free download
"We had been tracking Deel since 2020 and were impressed by Alex and Shuo’s vision," said Rahul Kishore, senior managing director at Coatue.
"As we learned more about Deel, we became excited by their increased and impressive scale and believe we are in the early innings of what the team is capable of."
Lucas Swisher, a general partner at Coatue who co-led the round, added, "We were then impressed by how the platform was able to distill something so overwhelming into a tool anyone can use to take global employment from dream to reality."
Four strategies for building a hybrid workplace that works
All indications are that the future of work is hybrid, if it's not here alreadyFree webinar
The digital marketer’s guide to contextual insights and trends
How to use contextual intelligence to uncover new insights and inform strategiesFree Download
Ransomware and Microsoft 365 for business
What you need to know about reducing ransomware riskFree Download
Building a modern strategy for analytics and machine learning success
Turning into business valueFree Download