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.

Related Resource

The future of productivity

Driving your business forward with Microsoft Office 365

Woman with glasses typing on a laptop at a deskFree 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."

Featured Resources

Shining light on new 'cool' cloud technologies and their drawbacks

IONOS Cloud Up! Summit, Cloud Technology Session with Russell Barley

Watch now

Build mobile and web apps faster

Three proven tips to accelerate modern app development

Free download

Reduce the carbon footprint of IT operations up to 88%

A carbon reduction opportunity

Free Download

Comparing serverless and server-based technologies

Determining the total cost of ownership

Free download

Recommended

Tactics to overcome supply chain shocks and risks
Whitepaper

Tactics to overcome supply chain shocks and risks

19 Nov 2021
Content syndication isn't dead, but your data processes might be
Whitepaper

Content syndication isn't dead, but your data processes might be

18 Nov 2021
Why faster refresh cycles and modern infrastructure management are critical to business success
Whitepaper

Why faster refresh cycles and modern infrastructure management are critical to business success

11 Nov 2021
Nitro acquires European e-sign SaaS provider Connective
Acquisition

Nitro acquires European e-sign SaaS provider Connective

10 Nov 2021

Most Popular

How to move Microsoft's Windows 11 from a hard drive to an SSD
Microsoft Windows

How to move Microsoft's Windows 11 from a hard drive to an SSD

24 Nov 2021
What should you really be asking about your remote access software?
Sponsored

What should you really be asking about your remote access software?

17 Nov 2021
Nike to take customers into the metaverse with 'NIKELAND'
virtualisation

Nike to take customers into the metaverse with 'NIKELAND'

19 Nov 2021