Many individuals and businesses across the globe have been forced to make major lifestyle changes, including working from home, due to the contagious COVID-19 outbreak.
San Francisco-based Fintech firm Deel, which plans to improve the work from home process by offering an easy-to-use online platform, is launching its operations across Europe.
Deel’s platform allows employers to recruit and compensate remote workers in more than 100 different currencies from almost any location in the world.
The new remote working platform aims to remove the high legal fees and hours of due diligence that companies need to complete when recruiting skilled professionals from other jurisdictions. Deel claims that it has experienced a 200% growth in its customer base and also a 600% rise in its revenue since the pandemic and lockdowns began.
Deel is reportedly complying with local laws and guidelines. Its staff members are also able to navigate complex tax systems and handle various international payroll processes.
Dan Westgarth, COO at Deel and former GM at Revolut North America, stated:
“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.”
The remote working Fintech solution provider claims WeTransfer, a file-sharing platform, as one of its clients.
Emma Korhonen, the human resources coordinator at WeTransfer, remarked:
“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.”
Korhonen claims that without Deel’s services, the company would have to look into all the details or technicalities involved with adhering to relevant labor laws in each jurisdictions own its own. The firm would also have to figure out how to pay new workers who may be based in other countries, where requirements may be completely different. Korhonen noted that Deel keeps them “safe” during these unprecedented times and makes it easier to hire staff from other nations.
In May 2020, Deel secured $18 million through a Series A round for remote worker payroll services.
Omnipresent, a company offering assistance with payroll, compliance, and taxes to remote workers, recently secured $2 million in seed funding.