Deel secured $300 million in a Series E funding round to expand the capabilities and the global reach of its human resources and payroll platform.
The company aims to accomplish that through strategic acquisitions, the buildout of its owned systems and operations, and artificial intelligence innovations, it said in a Thursday (Oct. 16) press release.
Deel plans to offer native payroll in more than 100 countries by 2029, according to the release.
“This round is about doubling down on the global payroll infrastructure we’ve built from the ground up,” Deel Co-founder and CEO Alex Bouaziz said in the release. “We’re reimagining how payroll should work for the next century — fluid, real-time and truly borderless — and continuing our mission to become the single platform where companies can build, manage and pay their teams anywhere in the world.”
Deel currently serves more than 37,000 businesses and 1.5 million workers across 150 countries, processes $22 billion in payroll annually and generates $1 billion in annual recurring revenue, according to the release.
It achieved its third straight year of profitability and its first month of $100 million in revenue in September, the release said.
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Deel said in November 2024 that it acquired London-based money transfer service Atlantic Money to strengthen its payment infrastructure in Europe and integrate Atlantic Money’s FinTech expertise into the company.
In May 2024, Deel extended its strategic investment in Alviere, saying it aimed to help global companies hire and pay workers in the United States. The Alviere embedded finance and compliance program had already been integrated into Deel’s platform.
Deel announced in March 2024 that it was acquiring payroll and HR firm PaySpace, which at the time operated in 44 countries across the Middle East and Africa and had more than 14,000 customers.
The participants in Deel’s latest funding round include Ribbit Capital and Andreessen Horowitz, according to the Thursday press release.
Micky Malka, founder at Ribbit Capital, said in the release that because Deel is a fully remote, global company with employees in over 100 countries, it is “uniquely positioned to build products for global expansion.”
Andreessen Horowitz Co-founder Ben Horowitz said in the release: “Deel’s continued progress is a testament to how essential their infrastructure has become to customers everywhere, and we are thrilled to co-lead this round.”
