Deel bucks the tech rout by doubling valuation to $12bn

Markets are in turmoil and venture capitalists are getting nervous about valuations, cash burn and investors' appetite for new funds. 

For Deel, a remote working fintech that was founded just three years ago and has just closed a $50m round pushing its valuation to $12bn, that trend seems to be irrelevant.

According to a report from Axios, Deel has raised the cash from new investors including Laurene Powell Jobs’ Emerson Collective, as well as existing investors such as Andreessen Horowitz, Spark Capital and Y Combinator.

Deel was founded by Alex Bouaziz (pictured) and Shuo Wang in 2019. It helps businesses to hire onboard and pay staff around the world in a compliant, speedy manner and pays them in 120+ currencies including crypto.

It last raised money in October 2021 at a $5.5bn valuation, landing a $425m Series D led by Coatue, as remote working started to move into a long term established trend rather than just a reaction to the pandemic.

US fintech decacorn Brex for example revealed its partnership with Deel, integrating its new Empower platform to support international payroll, benefits, taxes and compliances for 7,500 customers.

Deel declined to comment on the reported raise.