Remote working fintech Deel bags $30m Series B
Deel have announced a $30M Series B investment, led by Spark Capital, and welcome Yasmin Razavi to Deel’s board.
Their partnership with Spark Capital started when Yasmin Razavi reached out to Alex, Deel co-founder/CEO via Twitter DM which kicked off a 6-week series of Zoom meetings and calls in which the investment was made.
“I was interested in Deel from the get-go as the best-suited to be the winner in a category on the cusp of huge growth,” said Yasmin Razavi. “The hurdles employers face when hiring employees internationally can be so Herculean, they ultimately give up on hiring their ideal candidate and settle for the most hirable. Deel eliminates those hurdles and enables employers to hire and onboard efficiently, allowing them to get to work faster.
The Deel platform solves the largest logistical challenges that come with hiring internationally distributed full time employees and contractors: payroll and compliance. Onboarding and paying workers across borders is complex, with specific currency and labor law requirements that vary by country. It can be both costly and time-consuming. They are bridging localized compliance and payments and then automating it, taking a complex and manual process and making it seamless.
Alexis Ohanian, co-founder of Reddit also joined Deel on their bold mission as a part of our Series B and shares their vision:
“Technology will be the great enabler in achieving workforce equality. Deel’s platform makes more diverse hiring choices possible. Unbound by geography, businesses can hire the best person for the role, wherever and whoever they may be.”
Alex Bouaziz, Deel co-founder and CEO said: “We’re challenging the notion that companies need to hire within their vicinity. Our goal is to enable companies to hire the best talent wherever they are, without having to worry about legal and financial complexities, creating a truly global workforce”. As we continue to strive towards helping business’ build teams without borders, we want to thank the people who helped us make it thus far.