IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

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

Four strategies for building a hybrid workplace that works

All indications are that the future of work is hybrid, if it's not here already

Free webinar

The digital marketer’s guide to contextual insights and trends

How to use contextual intelligence to uncover new insights and inform strategies

Free Download

Ransomware and Microsoft 365 for business

What you need to know about reducing ransomware risk

Free Download

Building a modern strategy for analytics and machine learning success

Turning into business value

Free Download

Recommended

Netsuite integration checklist
Whitepaper

Netsuite integration checklist

18 May 2022
What Is iPaaS?
Whitepaper

What Is iPaaS?

18 May 2022
Unlocking the value of data with data innovation acceleration
Whitepaper

Unlocking the value of data with data innovation acceleration

12 May 2022
Understanding the economics of in-cloud data protection
Whitepaper

Understanding the economics of in-cloud data protection

12 May 2022

Most Popular

Russian hackers declare war on 10 countries after failed Eurovision DDoS attack
hacking

Russian hackers declare war on 10 countries after failed Eurovision DDoS attack

16 May 2022
Windows Server admins say latest Patch Tuesday broke authentication policies
Server & storage

Windows Server admins say latest Patch Tuesday broke authentication policies

12 May 2022
Microsoft to double salary budget to retain workers
Careers & training

Microsoft to double salary budget to retain workers

17 May 2022