Deel, the global HR company, has announced the launch of Deel HR, US Payroll, and Deel Engage, making it possible, for the first time, to hire, manage, and pay global teams compliantly on one platform. This news comes as Deel hits $295 million annual recurring revenue (ARR) at a $12 billion valuation – up from just $57 million ARR a year ago. Work’s gone global, but until now, no HR platform has handled everything for everyone, anywhere.
Whether you want to hire worldwide without opening legal entities, streamline HR for your global team, or consolidate payroll across countries, Deel does it all. These moves come as Deel wraps 2022 with $295M ARR, up more than 400% from $57M ARR at the end of 2021.
The company also confirmed it has been EBITDA positive since September 2022. New investment from Emerson Collective and participation from existing investors value Deel at 12 billion dollars. Deel now has over 15,000 customers, including Nike, Shopify, and Klarna.
What does the upgrade mean for stakeholders?
Camilla Giesecke, Chief Operating and Expansion Officer at Klarna, said, “We are excited to announce Deel as Klarna’s global partner for talent onboarding and payroll management.”
“Our venture investing philosophy at Emerson Collective is to accelerate the growth of consequential firms helping people live to their full potential, which includes providing access to high quality work opportunities,” said Sarah Pinto, Partner at Emerson Collective.
“Deel’s products help fulfill that mission by unlocking work opportunities for talented individuals wherever they are in the world. We have been impressed with the breadth of the team’s vision and the velocity of their execution,” Sarah Pinto further commented.
“We’ve disrupted global hiring, and now we plan to disrupt the whole HR industry. Products that radically simplify HR get us closer to our goal of helping millions of people get to work for the best companies in the world,” said Alex Bouaziz, co-founder and CEO of Deel.
What are the new functions of Deel’s platform?
Most teams use up to 16 different tools for global team management, creating data silos, tech consolidation concerns, and inconsistent team experiences. Deel has streamlined everything needed to hire, manage, and pay teams in one platform. New functions include:
- Deel HR– The global-first Human Resources Information System (HRIS) with everything needed to compliantly manage an entire global workforce – from direct employees, to international contractors, to EOR employees. Deel HR will be free for businesses with fewer than 200 people, roughly a $20k savings for companies.
- US Payroll – This marks the expansion of Deel’s global payroll offering with its first in-house payroll engine, starting in the US. It will never be simpler to handle payroll for global teams, all in one platform.
- Deel Engage – A set of HR Slack plug-ins connected to Deel HR to help distributed teams build a stronger culture, increase team collaboration, manage time off requests, 1-on-1s, candidate referrals, and more.