Remote working fintech Deel bags $30m Series B

Deel has raised $44m this year alone and is now used by over 500 companies across 140 countries.

Most of us are very used to working from home by now, but for new fintech on the block Deel, remote working is its speciality.

The start-up has raised a remarkable $44m in the past five months completely remotely following a $14m Series A back in May backed by Andreessen Horowitz and, most recently, a $30m Series B first reported by TechCrunch yesterday.

Deel’s latest funding round was led by Spark Capital, which has invested in the likes of Plaid, Twitter, Slack and Grammarly.

Alex Bouaziz, CEO and co-founder of Deel, told TechCrunch: “We want to give access to services that remote workforces have typically not had access to.”

“We want to be the platform for employees and contractors who are working abroad. We want to give them all the same level of care as employees working in the main office.”

The fintech enables employers to hire and pay remote workers in over 100 currencies from anywhere in the world by helping them navigate local laws, complex tax systems and international payroll processes.

Deel removes the often-expensive legal fees and hours of due diligence that companies go through when hiring staff from other countries.

Ahead of Deel’s European launch back in mid-April, Dan Westgarth, Deel’s COO and former general manager of Revolut North America, spoke to AltFi about raising cash remotely: “We definitely practice what we preach!”

“Raising money under lockdown provided a personal touch because we got a better chance to meet investors. We got to see the inside of someone’s living room which is something that you wouldn’t get in a business setting,” he added.

Under lockdown, the fintech has seen a 200 per cent surge in customer growth and a 600 per cent increase in revenue.

The platform is currently used by 500 companies across the world, having added an extra 100 since May, helping thousands of employees to effortlessly work from a remote location.