By
Chimamanda U. Martha
March 28th, 2024
Following the completion of the Series D funding round, Deel is now valued at $5.5 billion.
Deel, a San Francisco-based payroll platform for remote teams, has announced the completion of a Series D funding round with $425 million. Notably, the just concluded Series D funding round was led by Coatue Management LLC, a global investment manager.
Following the completion of the Series D funding round, Deel is now valued at $5.5 billion. Other investors who took part in the just-concluded funding round include Altimeter Capital, Andreessen Horowitz, Spark Capital, YC Continuity Fund, Greenbay Ventures, and New.
The company has significantly benefited from increased remote-based working conditions fueled by the coronavirus pandemic. Notably, Deel introduced a tool to help remote teams to be paid in digital assets at the tail end of last year. The firm partnered with Coinbase crypto exchange to enable customers to be paid seamlessly without their employers’ hindrance.
“A question on a lot of people’s tongues is: will it be widely adopted? Will the companies paying these people to be willing to opt into it? Well, we built it in a way that the company doesn’t choose. The remote worker chooses,” said Dan Westgarth, Deel’s chief operating officer.
“So I can be working for a very old, boring institution, run by a load of old guys who don’t understand crypto and oppose it. They could pay me in US dollars, but given I’m a Deel user and given I get paid through Deel, I could elect to have my paycheck delivered in XRP – instantly,” he added.
Founded back in 2018, the company has attracted notable investors who are convinced the future of working conditions will be remotely based and supported by the crypto industry.
Deel amid Its Successful Funding
As a payroll platform for remote teams, Deel connects localized compliance and payments in one system of record and automates everything. With 10 different global languages supported on the platform, Deel customers part with $35 per month to enjoy the services.
For United States clients, the platform helps them generate legal documents and tax forms such as W8, W9, 1099. As a result, it makes work easier for remote users who have subscribed to its services.
According to the company through its official website, it is available in over 150 countries. Additionally, the platform takes pride in over 4,500 customers who have access to over 120 currencies. In a bid to ensure legal issues are well converted in the jurisdictions the platform is available, Deel has over 200 legal experts.