Deel: Revolutionizing Compliance
As the digital perspective evolves, embracing and leveraging emerging technology will play a crucial part in creating a more efficient and rigorous compliance function. Establishing an effective Target Operating Model is a vital foundation for future-proofing the compliance function. Advanced technologies are expected to be engaged frequently in compliance, risk, and legal frameworks over the next two years. Deel understood the industry gap and has coined cutting-edge technologies and solutions that considerably reduce their customers’ legal and operational overhead worldwide. Deel is a company that helps businesses to compliantly hire, pay and manage contractors and employees in 150 countries. Their services also include onboarding, contracts, expense management, benefits, payroll, and built-in compliance for the international team.
Each country has different requirements for providing benefits, pensions, and more for its employees, and it is hard for any business to navigate. Deel takes care of everything for you to focus on your business. Typically, if you’re not localizing your contracts to align with the local laws of each country you’re hiring in, your business will attract a lot of risks. Many companies make small mistakes that lead to significant compliance issues while hiring globally. Often, companies don’t localize their employment agreements to match local laws or check whether contractors are set up appropriately to work in their country.
Every country has different requirements on what documentation businesses need to ensure that their team is working compliantly. Deel helps their customers handle the hard part and make the process easier. The team is aware of the constantly changing local labor laws, and they work with the best legal partners in different countries around the world to keep every up-to-date contract quarterly. The company has a network of 200+ local expert partners to ensure all things hiring follow regional laws and tax rules so their customers can work wherever they reside and avoid shuttling back and forth during every international hire.
Deel also automates the local tax management while working with US contractors. They automatically generate all the W9s and W8s for employees, and businesses can file all the contractor’s 1099s to the IRS with one click, right from the dashboard. And above all, Deel takes data security and privacy with utmost importance. With Deel, companies can freely hire whoever they want, no matter their location. This way, people around the world can access more opportunities with fewer restrictions.
Deel is a worldwide workforce that isn’t limited by boundaries and wants to make changes by developing solutions that help remote teams grow. And with this solution, they opened a door that allowed anyone to work anywhere in the world through compliance automation. Today, Deel is the market leader in international payroll and compliance. With $50 million raised from Andreessen Horowitz, Spark Capital, Y Combinator, Elad Gil, Nat Friedman, Alexis Ohanian, and Daniel Gross. Deel has helped thousands of businesses create locally compliant contracts, pay their global teams in their preferred currency and payment method, and stay compliant in more than 150 countries.
Deel has associated with companies in technology, gaming, and e-sports in hiring remote talent and is on the way to expanding their industries. In 2021, Deel’s valuation reached $1.25 billion, and Ali Rowghan of YC Continuity (previously COO, Twitter, and CFO, Pixar) joined the board and some phenomenal new investors like Dara Khosrowshahi, Lachy Groom Jeffrey Katzenberg, to name a few. They have raised their Series D led by Coatue of $425 million, bringing Deel’s valuation to $5.5 billion.
As a global collective of entrepreneurs, the Deel team loves to build and solve problems. Their self-driven team of 500+ spans over 50+ countries, unified by technology, but the diverse culture keeps them always learning and improving.At Deel, the team envision a worldwide workforce that isn’t limited by boundaries but needed to change some things to make this a reality. To simplify this process, the Deel team went back to the drawing board to tackle these problems and create a tool to enable remote teams to grow. By solving these issues, Deel quickly realized that it could open thousands of virtual doors around the world. Meaning more companies from more places could hire fantastic talent and thereby people from more regions could get the jobs they wanted. Anyone in the world could finally work everywhere.