Deel, a fintech company that has developed a payroll platform for remote workers, has launched its solution in the Irish market, and is looking to double headcount by the end of the year with plans to hire a number of staff locally.
The company three months ago secured $14 million in a Series A funding round led by well-known Silicon Valley-based venture capital firm Andreessen Horowitz. It is looking to capitalise on the number of businesses employing remote workers, a trend that has accelerated significantly across the globe during the coronavirus pandemic.
Other companies previously backed by Andreessen Horowitz include Stripe, Airbnb, Facebook, Groupon, Lyft, Pinterest, Slack and Instagram.
The recent fundraise, which was conducted remotely over Zoom, it to be used to facilitate its expansion in Europe. Headquartered in San Francisco, Deel currently employs a remote team of 30 people across 15 countries. The new Irish employees will also be working remotely.
Deel took part in the renowned start-up accelerator Y Combinator in 2019. During the Covid-19 crisis the company has recorded a 200 per cent surge in customer growth and a 600 per cent rise in revenues.
More than $92 billion is spent every year by US companies alone on recruiting and retaining employees. But there are few payroll systems currently available that connect localised compliance and payments in one system to record and automate everything.
Deel said with it coming to Ireland companies here could hire and pay remote workers anywhere in the world without worrying about foreign laws, complex tax systems or international payroll.
"Deel is a remote company and we're hiring globally, however we have noticed an influx of top talent from Ireland recently. We plan to use our recent Series A funding to scale the company to around 60 by the end of the year,' Dan Westgarth, the company's chief operating officer, told The Irish Times.
