Deel, an Israeli startup and unicorn that deals with payroll solutions for firms with international staffs, hit $295 million annual recurring revenue (ARR) at a $12 billion valuation – up from just $57 million ARR a year ago. The company has also launched Deel HR, US Payroll, and Deel Engage, which they say make it possible, for the first time, to hire, manage, and pay global teams compliantly on one platform.
“We’ve disrupted global hiring, and now we plan to disrupt the whole HR industry,” said Alex Bouaziz, co-founder and CEO of Deel. “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.”
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.”
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Founded in 2018 by Israeli Alex Bouaziz. 28, a French Jew who immigrated to Israel, and Chinese entrepreneur Shuo Wang, Deel offers a global payroll solution which it says helps businesses hire anyone, anywhere. Using a tech enabled self-serve process, the company boasts that its users can now hire independent contractors or full time employees in over 150 countries, compliantly and in minutes.
Bouaziz and Wang met when they were both students at MIT.
Deel’s big service is SWIFT (Society for Worldwide Interbank Financial Telecommunication) – a messaging system that runs on a network of financial institutions. It is used by thousands of banks worldwide to communicate information on financial transactions in a secure and standardized way.
When Deel first hit unicorn status, the company said in a blog post, “It’s such a special moment for us because we did it entirely remotely with a wild bunch of talented people from 30 different countries. That’s right, the global payroll solution built to help businesses hire anyone anywhere (and uses the product themselves) did it all while looking good on Zoom.”