The fintech saw a 200 per cent surge in customer growth and a 600 per cent increase in revenue under lockdown.
Towards the tail end of March, many of us were thrust into the world of remote working without having really done it for any length of time.
New fintech Deel, which hopes to streamline the work from home process through its simple-to-use online platform, is today launching across Europe.
Deel’s platform enables employers to hire and pay remote workers in over 100 currencies from anywhere in the world.
The new platform removes the often-expensive legal fees and hours of due diligence that companies go through when hiring staff from other countries.
Deel works with local laws, complex tax systems and international payroll processes.
Dan Westgarth, COO of Deel and former general manager of Revolut North America, said: “Raising money during COVID-19 pandemic was exciting.”
“It was an uncertain time; uncertainty created an opportunity and Andreeseen Horowitz saw that huge opportunity and provided us with capital to accelerate the growth of our business.”
Under lockdown, the remote working fintech saw a 200 per cent surge in customer growth and a 600 per cent increase in revenue and now counts file sharing platform WeTransfer as a valued customer.
Emma Korhonen, HR coordinator at WeTransfer, said: “Due to temporary immigration service freezes in different countries we were looking for a solution to still hire strong talent from abroad. Most of them will move to the Netherlands as soon as this is safe and permitted, but in the meantime, Deel is supporting us with being compliant in whichever country we hire from.”
“Without Deel we would have had to investigate all the intricacies of the labour law in each country ourselves, plus find a way to pay the new employees or contractors. Deel keeps us safe in these uncertain times and allows us to hire the foreign talent we need.”
Deel’s $14m Series A funding round was raised entirely remotely and has fully funded the new fintech’s launch.