Deel Raises $156 Million In Series C Funding For Remote Payroll Solution

Digital Payroll

Deel has raised $156 million in series C funding and welcomed a new board member, the global payroll company announced in a press release on Wednesday (April 21).

This round of funding was led by YC Continuity Fund, whose Managing Director Ali Rowghani will join the Deel board. Other investors include Andreessen Horowitz and Spark Capital, with participation by Dara Khosrowshahi, Lachy Groom, Jeffrey Katzenberg, Jeff Wilke and Anthony Schiller.

Deel lets businesses hire and onboard contractors anywhere in the world in a compliant manner, in just a few minutes, with no local entity necessary. Employers can pay these workers — in more than 120 currencies — with just a mouse click. This was already Deel’s focus when the COVID-19 pandemic hit, with the outbreak putting the three-year-old startup in the perfect place to help companies adjust to a new norm of hiring and working remotely.

“We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia,” Deel CEO Alex Bouaziz said in the release. “We set out to solve a problem that the majority of businesses found inherently daunting. With Deel, we were able to consolidate everything into a product people trust and enjoy using to hire, to pay and to give their global team members the best experience possible. Now with this third sizable investment, we can’t wait to open even more doors for businesses, employees and contractors around the world.”

In 2020, Deel’s revenue increased twentyfold, with the platform growing to support more than 1,800 businesses around the world. This growth led to back-to-back funding rounds, totaling $206 million in under a year. As PYMNTS reported last year, Deel raised $30 million in Series B funding, following $14 million in their Series A round.

With this newest round of financing, Deel hopes to continue to expand into new markets and set up 80 new Deel-owned entities worldwide this year. The company also plans to grow its team by hiring exceptional talent across the globe. Deel also plans to continue to improve its product offerings across the board by focusing on features such as employee equity and an open API.