Payroll platform Deel reaches decacorn status just a year after hitting $1bn valuation

Global payroll solution Deel has reportedly raised $50m, which brings its valuation to $12bn.

The decacorn raised the capital from Emerson Collective, Andreessen Horowitz, Spark Capital and Y Combinator, according to a report from Coverager.

Impressively, Deel has more than doubled its valuation in less than seven months. Previously it has reached a $5.5bn valuation in October 2021 following the close of a $425m Series D.

Prior to that, it raised $156m in April 2021 at a $1.2bn valuation.

Deel, which was founded in 2019, provides businesses with a tool to automate onboarding, payroll and compliance for a team anywhere in the world. Its technology lets teams create customised contracts, meet local laws and compliance through a network of local experts, and streamline the whole payment process with a click.

Its clients include Coinbase, Brex, LG, Dropbox, Shopify, d-local, Notion, Mercury and more.

A couple of FinTech companies reached the decacorn status last week. HR software platform Rippling secured an $11.25bn valuation after closing its $250m Series D and global crypto exchange KuCoin hit a $10bn valuation after a $150m pre-Series B.

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