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A startup called Deel, which provides financial services for remote workers and digital nomads, has raised $156 million in a Series C funding round. The round was led by the venture capital firm Coatue, with participation from existing investors Andreessen Horowitz and Spark Capital. Deel plans to use the funding to expand its platform and offer more services to its global customer base.
Deel was founded in 2019 and aims to simplify the process of hiring and paying remote workers. The platform provides tools for companies to onboard and manage international employees, including contract generation, compliance with local labor laws, and payment processing. It also offers financial services such as international payroll, benefits administration, and tax support.
The COVID-19 pandemic has accelerated the shift towards remote work, with many companies embracing the flexibility and cost savings associated with hiring remote employees. This has created a growing market for platforms like Deel that cater to the needs of remote workers and their employers.
Deel currently serves over 1,800 companies and has processed more than $1.5 billion in payments to remote workers. The startup plans to use the new funding to expand its product offerings, improve its technology infrastructure, and hire more talent to support its growth.
Top things to Know
Here are the key points from the article:
– Deel, a startup providing financial services for remote workers and digital nomads, has raised $156 million in a Series C funding round.
– The funding round was led by Coatue, with participation from Andreessen Horowitz and Spark Capital.
– Deel aims to simplify the process of hiring and paying remote workers by providing tools for onboarding, compliance, and payment processing.
– The COVID-19 pandemic has accelerated the shift towards remote work, creating a growing market for platforms like Deel.
– Deel currently serves over 1,800 companies and has processed more than $1.5 billion in payments to remote workers.
– The funding will be used to expand Deel’s platform, offer more services, improve technology infrastructure, and hire more talent.
Original article: https://techcrunch.com/2023/07/24/bunq-the-dutch-neobank-has-raised-111m-at-a-flat-1-8b-valuation-to-break-into-the-us/
