Categories: B2B Payments

Deel Raises $14M In Series A For Remote Worker Payroll Services

Deel, which works in payroll for remote workers, is coming off a Series A funding round for $14 million, CNBC reported Thursday (May 21).

The round is led by Andreessen Horowitz, whose general partner Anish Acharya will now take a seat on the company’s board.

While venture capital deals have traditionally been finished via person-to-person talks, the involved parties finished the deal for Deel over the weekend all on videoconferencing, said Dan Westgarth, Deel COO.

The company, founded in 2018, has focused since its inception on connecting remote workers with payment solutions. The company uses just a single software for this purpose as opposed to a multitude like many others have used in the past. Some other companies can end up using as many as 10 separate providers to make payments.

The success of Deel comes at a time when other venture capital entities have faced pullback as the pandemic makes their financial situations uncertain. Funding for FinTech firms, for example, has gone down 37 percent, landing at 6 percent.

But Deel allows companies to easily hire and pay workers regardless of where they’re located, which got it more of a foothold in the industry when the coronavirus pandemic hit.

In addition to payroll, the company also works to help clients gain access to healthcare and benefits via its services.

Remote work has become ubiquitous during the pandemic as companies have been forced to deal with shutdowns. The problems have compounded because of the abrupt transition away from traditional office methods of payment, now inaccessible for many companies trying to do things from home.

The modern economy, reliant as it is on gig workers, has seen frustrations with payments even before the pandemic — 55 percent of U.K. gig workers have reported annoyances trying to chase late payments.

Now, earnings among gig workers are falling across the board as late payments pile up.

The future could end up seeing new methods that move away from old stalwarts like paper check payments.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.



Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

Recent Posts

Deep Dive: How Utilizing AP Automation Tools Can Help SMBs Endure Financial Strains

Cash flow is king, especially for small- to medium-sized businesses (SMBs). These firms often have less funding than their larger…

27 mins ago

Punjab National Bank Faces Third Major Fraud In As Many Years

Punjab National Bank shares fell by nearly 6 percent late Thursday (June 9) after it was defrauded $491 million by…

31 mins ago

A Digital ID Fix To Closing The Telehealth Security And Patient Confidence Gap

Surging COVID-19 infection rates and Centers for Disease Control and Prevention (CDC) advice to avoid all non-essential hospital visits have…

4 hours ago

Car Talk: How One Bay Area Limo Fleet Rolls With The (Pandemic) Times

More than a few notable companies have started in a Silicon Valley garage. Maurice Brewster, CEO of Mosaic Global Transportation,…

4 hours ago

Turning Commercial Card Credit Lines Into SMB Cash Flow Lifelines

Although commercial card products can offer working capital benefits on both ends of the B2B transaction, adoption lags behind other…

4 hours ago

New Report: Why Taco Bell Says Personalization Is The Key To Acing The Mobile Order Ahead Experience

Quick-service restaurants (QSRs) and others in the food service space are rapidly adjusting their operations during the pandemic, with many…

4 hours ago