Deel raises $300m to build native payroll in 100+ countries by 2029

Global HR and payroll provider Deel announced it has secured $300 million in strategic investment to support global expansion. The round was led by Ribbit Capital, with participation from long-time investors Andreessen Horowitz and Coatue Management, along with General Catalyst, Green Bay Ventures and others. Deel said the funding lifts its valuation to $17.3 billion.

According to the company, September 2025 marked its third straight year of profitability and its first $100 million revenue month. Earlier this year, Deel surpassed $1 billion in annual recurring revenue.

Deel now serves more than 37,000 businesses and 1.5 million workers across 150 countries, processing $22 billion in payroll annually. The firm describes itself as an all-in-one HR and payroll platform enabling companies to hire, pay and manage teams globally.

“This round is about doubling down on the global payroll infrastructure we’ve built from the ground up,” said Alex Bouaziz, Co-founder and Chief Executive Officer of Deel, in a statement released on 16 October. “We’re reimagining how payroll should work for the next century – fluid, real-time, and truly borderless.”

The company reported strong growth across its offerings. US payroll and professional employer organisation products grew 1,500 per cent. Its HR product line expanded 600 per cent, while global payroll revenue rose 450 per cent. Deel’s immigration product grew 220 per cent and its IT product 410 per cent.

The company also reported a 480 per cent increase in customers using three or more products, and a 1,200 per cent rise in those using four or more.

Recent enterprise customers include LEGO, Puma, Virgin Media, Klarna, Capgemini, FedEx, Nubank, Palantir, Novo Nordisk, Fidelity and Pepsi.

Micky Malka, founder of Ribbit Capital, said: “Deel – itself a fully remote, global company with employees in over 100 countries – is uniquely positioned to build products for global expansion. The company and its leadership have a limitless opportunity ahead of them.”

Andreessen Horowitz cofounder Ben Horowitz added: “Since our first investment into Deel in 2020, we’ve been blown away by the Deel team’s pursuit of building the best HR platform to offer access to employment opportunities and financial services for the global workforce. Deel’s continued progress is a testament to how essential their infrastructure has become to customers everywhere.”

Deel said it will use the capital to pursue acquisitions that expand its product capabilities and geographic reach. It also plans to accelerate investment in its owned payroll systems, with the goal of offering native payroll in more than 100 countries by 2029.

The company said it will continue to invest in artificial intelligence to improve automation across its platform and to recruit AI talent.