Top Qs
Timeline
Chat
Perspective
Deel, Inc.
Private San Francisco-based payroll and compliance provider From Wikipedia, the free encyclopedia
Remove ads
Deel, Inc. is an American[3] payroll and human resources company[4] based in San Francisco, California.[5][6] The company provides hiring, payments, and workforce management services for companies hiring international employees and contractors.[7][5][4] The company was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[8]
Remove ads
History
Summarize
Perspective
Deel was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[9] Bouaziz and Wang met while studying at MIT in 2013.[10] The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.[10]
The company develops a platform for hiring, paying, and managing remote workers.[7][5][11] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[12] and managing compliance with employment laws in each country. This service includes managing benefits including health insurance, equity, tax advice and employee perks.[10] Deel currently owns around 150 entities globally and manages in-house, in-country payroll teams in over 70 countries, in addition to offering employer of record, contractor, immigration, HRIS, and performance management services.[13][14][11] The company processes international payrolls, allowing withdrawals in different currencies.[15]
Deel also provides templates for creating contracts that comply with local labor laws.[4][15] It also helps workers access health insurance[5][4] and provides immigration advice about visa processes to companies.[16]
Deel launched after entering the Y Combinator startup accelerator in 2019.[17] The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[18] In September 2020, Spark Capital led a $48 million Series B.[4][19] In April 2021, Deel raised $156 million in a Series C round, with participation from a16z and other investors, becoming a unicorn.[20] In October 2021, Coatue and DST Global led a $425 million in a Series D.[21] Deel also raised $50 million in May 2022, with contributions from impact investor, Emerson Collective, valuing the company at $12 billion.[22][19]
As Deel expanded, Forbes reported "a five-person “Navy SEAL” team" went from country to country to quickly incorporate new local business entities.[9] It also began to make acquisitions to increase its owned infrastructure as well as HR and payroll services.[11][23][24][25][26]
Deel's business grew from $4m Annual Recurring Revenue (ARR) in 2020, to $54M ARR in 2021, $100M ARR in 2022; $500M in ARR;[27] and in February 2025, Deel reported it hit an annual revenue run rate of $800M, adding General Catalyst to its cap table, as part of a $300 million secondary share sale.[28][29]
In February 2025, it reported having 5,000 employees.[2]
In March 2023, former workers claimed they were miscategorized.[30][31] 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.[32][33] Deel denied the allegations and engaged with lawmakers to address their concerns.[34][35]
In 2024, Deel created a "Future of Work" advisory board that includes Elaine Chao, former U.S. Secretary of Transportation and Labor; Heidi Heitkamp, former senator from North Dakota; Seth Harris, former acting U.S. Secretary of Labor; and Charlotte Corley, former banking and consumer finance commissioner for Mississippi.[34]
By the end of 2024, Deel had acquired 11 companies including payroll and bookkeeping software company Zeitgold;[36] HR software company Roots;[37] Australian-based payroll company Paygroup;[38] immigration startup Legalpad;[39] Capbase, a 'people development' startup based in Munich, Germany;[40] Zavvy,[41] Payspace, an African-based payroll engine;[42] IT device management service Hofy;[43] London-based money transfer service Atlantic Money;[44] compensation management startup Assemble;[45][46] and Safeguard Global's payroll division.[29]
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.[47][48] The lawsuit stems from a court-appointed receiver seeking to recover damages from an SEC case against Brent Seaman of Surge Capital Ventures.[49] While the complaint alleges Deel violated certain Florida licensing requirements, it acknowledges the company has since obtained proper licensing in the state.[47] Deel denies any wrongdoing, and in January 2025 filed a Motion to Dismiss, calling the lawsuit baseless, and "a coordinated effort by a major investor in Deel’s primary competitor".[50] Deel continues to expand its compliance efforts through its DPayments subsidiary, which has obtained 26 state licenses for money transmission as of early 2025.[49] Deel has not been accused of any wrongdoing by the SEC.[49]
In February 2025, CEO Alex Bouaziz stated that Deel was preparing for a potential initial public offering, saying the company was "getting ready to go out, potentially next year or a bit later."[51]
In March 2025, Rippling filed a complaint against Deel, accusing Deel of corporate espionage.[52] Deel has denied any wrongdoing.[53] In June 2025, Deel filed an amneded complaint alleging that Rippling stole its Employer of Record product, citing evidence of repeated infiltration by a Rippling employee using a fake company to access propritary documents and data.[54]
On June 3, 2025, Deel surpassed a $1 billion annual run rate in Q1, with 75% year-over-year revenue growth from April 2024 to April 2025.[1]
Remove ads
See also
References
External links
Wikiwand - on
Seamless Wikipedia browsing. On steroids.
Remove ads