Payroll startup Deel hits $17.3 billion valuation with $300 million series E funding

Deel is back in the spotlight with a fresh $300 million Series E round that pushes its valuation to a staggering $17.3 billion. The funding was led by new investor Ribbit Capital with participation from existing backers Andreessen Horowitz and Coatue Management. The San Francisco-based payroll startup says the new capital will go toward acquisitions and expanding its native payroll infrastructure across more than 100 countries by 2029.

“Deel has raised $300M at a $17.3B valuation. We started about 6 years ago, struggling to even make $10K,” Bouaziz said in a post on X.

Founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang, Deel has become a key player in the remote-work economy by helping companies hire, pay, and manage workers around the world without tripping over local compliance laws. The company’s software automates the tedious parts of international hiring—from tax forms and contracts to payments and invoices—so businesses can focus on growth instead of paperwork.

Deel Becomes One of the World’s Most Valuable Payroll Startups After $300M Raise

Deel’s momentum has been building all year. Earlier, it was valued at $12.6 billion following a $300 million secondary purchase by General Catalyst and Abu Dhabi’s Mubadala. It has since crossed a $1 billion annual revenue run rate and says it’s generating between $15 million and $17 million in monthly EBITDA, Reuters reported. The company has set aside up to $500 million for acquisitions, recently using part of that war chest to buy Omnipresent, a London-based competitor, in a deal reportedly worth around $15 million.

The timing of Deel’s raise adds another twist to its ongoing battle with rival Rippling. The two payroll giants are locked in dueling lawsuits—Rippling has accused Deel of racketeering and trade-secret theft, while Deel has filed a defamation claim calling those allegations a “multi-year smear campaign.” CEO Alex Bouaziz declined to comment directly on the litigation, dismissing it as a “frivolous lawsuit.”

The company has faced scrutiny beyond its rivalry. Earlier this year, it was accused in a money-laundering lawsuit tied to a Florida-based Ponzi scheme, following a report by The Information. Deel said “The Information failed to make requisition corrections” after it disputed the claims, adding that its compliance protocols remain sound.

Despite the controversies, Deel’s growth story remains intact. The company says it surpassed $100 million in monthly revenue for the first time in September, underscoring its rise as one of the fastest-scaling payroll platforms in tech. Its ambitions are clear: to build a seamless global payroll network that allows companies to pay anyone, anywhere, without friction.

With this latest round, Deel has widened its lead in the payroll race—just months after Rippling’s own $450 million Series G valued it at $16.8 billion. The rivalry is heating up, but for Deel, the message is simple: global payroll isn’t just a feature, it’s the business.