Payroll unicorn Deel more than quadruples valuation in six months

Deel, a global compliance and payroll solution, has collected $425m in its Series D funding round, bringing its valuation to $5.5bn.

This deal makes the FinTech company the highest valued global hiring, payments and compliance business, it claims.

Coatue, an investment firm focused on technology, served as the lead investor. The investment was also supported by Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, Neo and over 40 of the world’s “leading operators.”

Founded in 2019, Deel is on a mission to make remote working easier for companies, which has become even more important since the Covid-19 pandemic started. Its technology helps remove remote hiring obstacles and enables all platforms and tools work anywhere.

Clients can implement Deel to access payroll, HR, compliance, perks, benefits, and other features to support team hiring and management.

Deel has over 4,500 clients around the world, including Coinbase, Intercom and Shopify.

Deel CEO Alex Bouaziz said, “The way people work is fundamentally changing. And it’s never going back.

“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.”

With the close of the round, Deel has raised a total of $630m in funding, to date.  The FinTech company previously raised $156m in its Series C round in April 2021, which helped it attain a $1.2bn valuation.

Fellow payroll FinTech company Remote recently joined the unicorn club. The New York-based company reached a $1bn valuation following the close of its Series B. Remote provides payroll services to employees wherever they are working.

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