Deel said it has closed a $300 million Series E that values the HR and payroll platform at $17.3 billion. The round was co-led by Ribbit Capital, Andreessen Horowitz, and Coatue Management.
The company plans to channel the money into AI-driven payroll and HR products and to keep building its global infrastructure, according to a company blog post.
Deel says it surpassed $1 billion in annual recurring revenue earlier this year and recorded its first $100 million revenue month in September.
Management also points to three consecutive years of profitability, an uncommon feat among late-stage private software companies that typically rely on heavy cash burn to scale.
Operationally, Deel reports that it processes $22 billion in payroll annually, supports more than 35,000 corporate customers, and serves upward of 1.5 million workers across more than 150 countries.
It holds financial licenses in the United States, Canada, the United Kingdom, and the European Union, and says its in-house payroll processing engine is live in more than 55 countries.
Ribbit has deep fintech exposure, while Andreessen Horowitz and Coatue have been active backers of software and AI platforms. The companies did not disclose terms beyond the amount and valuation.
Deel did not comment on exit timing, and any listing prospects remain speculative in a market where IPO windows are still selective.
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Regulators have opened the door for more nonbank participants to connect directly to national payment rails, a shift expected to reduce frictions for everything from bill payments to direct deposits that expansion of Payments Canada membership could bolster options for firms that rely on platforms such as Deel to move funds across borders and currencies.
Deel has rolled out features such as on-demand access to earned pay and deeper integrations with HR and finance stacks, positioning the platform as either a point solution or a full suite for payroll, compliance, and talent management.
The company says its ownership of more than 250 legal entities worldwide helps standardize processes and keep compliance costs predictable for customers that want to hire quickly in new markets.
The funds should give Deel additional firepower to consolidate features and expand coverage in places where local partners and legacy batch systems still dominate.
The Series E also extends a string of late stage financings for companies building the plumbing for global labor markets and business payments.
