DEEL SECURES US$300 MLN INVESTMENT, VALUED AT US$17.3 BLN

_{Deel reached $1bn revenue faster than many high-growth tech industry peers due to its impressive organic growth engine and ability to scale at speed. Source: S-1 Filings, GS Research, FactSet.}

KUALA LUMPUR, Oct 17 (Bernama) -- Deel, the global human resources (HR) and payroll platform, has secured a US$300 million strategic investment led by Ribbit Capital, with continued backing from existing investors Andreessen Horowitz and Coatue Management, with participation from General Catalyst, Green Bay Ventures and others. (US$1=RM4.21)

According to the company in a statement, the raise pushes Deel’s valuation to US$17.3 billion.

The investment follows a record year of performance for the company, which achieved its three consecutive years of profitability, and recorded its first US$100 million revenue month in September. Earlier this year, Deel also surpassed US$1 billion in annual recurring revenue.

Currently, the company serves over 37,000 businesses and 1.5 million workers across more than 150 countries, processing US$22 billion in payroll annually.

Deel co-founder and chief executive officer, Alex Bouaziz said the new capital will support the company’s mission to redefine global payroll infrastructure and strengthen its position as a single platform for companies to build, manage and pay their teams worldwide.

“This round is about doubling down on the global payroll infrastructure we have built from the ground up. We are reimagining how payroll should work for the next century—fluid, real-time and truly borderless,” he said.

Proceeds from the investment will be used to accelerate strategic acquisitions, expand product capabilities and enhance global reach. Deel also plans to invest in artificial intelligence innovation and the continued development of its owned systems, aiming to deliver native payroll in over 100 countries by 2029.

The company reported strong growth across all product segments, including a 1,500 per cent increase in United States (US) payroll services, 600 per cent growth in HR products and 450 per cent expansion in global payroll.

Other notable achievements include a 220 per cent increase in its immigration product, 410 per cent growth in information technology (IT) services, and a 1,200 per cent surge in customers using four or more products.

-- BERNAMA