History
Deel was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon. [7] Bouaziz and Wang met while studying at MIT in 2013. [8] The founders launched Deel after encountering difficulty hiring international workers for their previous ventures. [8]
Deel launched after entering the Y Combinator startup accelerator in 2019. [9] The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round. [10] In September 2020, the company raised a $48 million Series B. [3] In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn. [11] In October 2021, Deel raised $425 million in a Series D. [12] They also raised $50 million in May 2022, valuing the company at $12 billion. [13] In February 2025, Deel added two major new shareholders to its capitalization table, General Catalyst and Abu Dhabi sovereign wealth fund Mubadala, as part of a $300 million secondary share sale. [14]
In March 2023, former workers claimed they were miscategorized. [15] [16] In June 2023, California state senator Steve Padilla sent a formal request to the California Labor and Workforce Development Agency asking them to investigate the allegations. [17] [18]
A federal RICO lawsuit filed in January 2025 against Deel accuses the company of flouting anti-money laundering regulations and facilitating the evasion of U.S. sanctions against Russia. [19] [20] The lawsuit stems from a court-appointed receiver seeking to recover damages from an SEC case against Brent Seaman of Surge Capital Ventures. [21] While the complaint alleges Deel violated certain Florida licensing requirements, it acknowledges the company has since obtained proper licensing in the state. [19] Deel denies any wrongdoing, calling the lawsuit "baseless," and continues to expand its compliance efforts through its DPayments subsidiary, which has obtained 26 state licenses for money transmission as of early 2025. [21] Deel has not been accused of any wrongdoing by the SEC. [21]
Acquisitions
In August 2021, Deel acquired Zeitgold, an AI-powered payroll and bookkeeping software company, to support international expansion and enhance its product offerings. Zeitgold's technology provides automated bookkeeping and tax filing solutions for independent contractors and businesses. [22]
In January 2022, Deel acquired the U.S.-based company Roots, signaling further consolidation in the industry. [23]
In August 2022, Deel acquired Legalpad, a U.S.-based startup specializing in visa and immigration support for global talent. The acquisition aimed to expand Deel’s capabilities in assisting companies with work visa sponsorships and international hiring processes. [24]
In November 2022, Deel acquired PayGroup, an Australia-based payroll and workforce management company, to strengthen its presence in the Asia-Pacific region and expand its global payroll capabilities. [25]
In January 2023, Deel acquired Capbase, a startup specializing in equity management and corporate compliance software. The acquisition enabled Deel to expand its offerings to include equity management tools for startups and global businesses. [26]
In February 2024, Deel acquired Zavvy, a Germany-based startup focused on employee development and training. The acquisition aimed to enhance Deel’s workforce management capabilities by integrating Zavvy’s tools for performance reviews, learning, and career development. [27] In March 2024, Deel acquired PaySpace, an Africa-based payroll software provider, to strengthen its payroll infrastructure and expand its presence in the African market. The acquisition was part of Deel’s strategy to enhance its global payroll capabilities. [28]
In July 2024, Deel acquired Hofy, a London-based company specializing in IT device management for remote employees. The acquisition aimed to enhance Deel’s ability to support global remote workforces by streamlining the provisioning and management of work equipment. [29]
In November 2024, Deel acquired Atlantic Money, a cross-border payments company, to enhance its global payment infrastructure. The acquisition aimed to improve Deel’s money transfer capabilities and streamline international payroll transactions. [30]
In December 2024, Deel acquired Assemble, a compensation management platform, to expand its global compensation capabilities. The acquisition aimed to provide businesses with more comprehensive tools for managing employee salaries, equity, and benefits across multiple countries. [31]
In March 2025, Deel acquired Safeguard Global’s payroll division to further strengthen its global HR, legal, and payroll capabilities. The acquisition aimed to expand Deel’s payroll infrastructure and enhance its ability to serve multinational companies. [32]
Products
Deel provides a global employment and payroll platform that enables companies to hire, pay, and manage remote workers in compliance with local labor laws. [33] The company offers services for employer of record (EOR) hiring, contractor payments, HR administration, immigration support, and benefits management in over 150 countries. [34]
Deel acts as an employer of record (EOR) by hiring employees on behalf of companies through its own local entities, managing payroll, taxes, and compliance requirements. [35] It also offers self-serve contract templates that comply with local labor laws and supports health insurance enrollment for contractors. [36]
In 2024, Deel introduced an HRIS (human resources information system) as part of its expansion into enterprise HR solutions. Klarna became one of the first major companies to transition from Workday to Deel’s HRIS and payroll system to consolidate its global workforce management. [37]
Deel operates a vertically integrated payroll system, unlike competitors that rely on third-party providers. This allows for real-time payroll error detection, custom payroll schedules, and on-demand payments, reducing reliance on biweekly pay cycles. [38]
$800m [1] (2025)
