Deel – Managing International Vendors by Alexander Gornyi

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The post was originally published in Russian on Startup of the Day. Alexander kindly agreed to republish what we think is of great value to our readers.

Remote work treads firmly around the globe. Thousands of companies hire international employees and stumble upon the same problems. They need accounting that’s informed about the existence of various countries and their regulations. They need convenient international payments – including counterparties without SWIFT. They need contract forms that would be acceptable for the citizens of the most exotic legislations.

Deel, the startup of the day, can do it all. The center of its product is the convenient web interface to manage the vendors’ documents, all the necessary ID copies, accounts, and bills. Besides, Deel has written neat typical contracts for every employer-performer country pair to fit local tax and other audits. And there’s payments, too. The company sends money to the startup, it distributes them across the vendors’ virtual accounts, and then they can withdraw it to a bank, to local QIWI, to bitcoin or wherever it’s legal in a given country.

A separate service by Deel is the virtual registration. Same as expats are different from migrant laborers, remote workers also have their ‘elite.’ They don’t want to work by a contract as an individual entrepreneur, they want a decent employer with vacations, sick leaves, and pension plans. A foreign company cannot offer anything of this without a local branch, but it can pay Deel to hire a person into its local office. It costs 500 dollars per month – not so much, by the way.

One month ago, the startup brought in USD 425M of investment, its value was slightly over 5B. The digits inspire envy, but it’s necessary to add that all this grandeur is the result of an almost lightning-like kickstart. A year and a half ago, Deel brought in its first substantial round, and it was ‘only’ 14 million. Here’s someone who benefited from the pandemic.

https://www.letsdeel.com/

#usa #work #crm #megaround

Translation: Kostiantyn Tupikov

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