Deel, a US-based HR and payroll company, has completed a $300 million Series E funding round co-led by new investor Ribbit Capital and existing backers Andreessen Horowitz and Coatue Management.
The round, which also included participation from General Catalyst and Green Bay Ventures, among others, values Deel at $17.3 billion. This represents a significant increase from the company’s $12 billion valuation secured after a secondary share sale earlier this year. The company was valued at $5.5 billion following its $425 million Series D round back in 2021.
Deel, founded in 2019 by CEO Alex Bouaziz and CRO Shou Wang, initially started out as an escrow platform for freelance workers before expanding into a comprehensive HR suite offering managed payroll, hiring, and payment solutions. The California-based company now processes $22 billion in payroll annually and serves over 37,000 businesses, including enterprise clients such as Nubank, Fidelity, and Klarna, supporting 1.5 million workers across more than 150 countries.
The company, which recently surpassed $1 billion in annual recurring revenue, plans to use the new capital to recruit AI talent and continue developing its proprietary systems and operations, with the goal of delivering native payroll capabilities in over 100 countries by 2029.
In addition, the fintech says it will use the funding to “accelerate strategic acquisitions that expand its product capabilities and global reach”. In 2024, Deel acquired London-based money transfer start-up Atlantic Money to strengthen its European payments infrastructure and South African paytech PaySpace to advance its global payroll operations.
Source: https://www.fintechfutures.com/
