Deel is celebrating a significant milestone. It surpassed the $1 billion run rate in Q1 2025. Achieving this goal after its founding six years ago is significant. It demonstrates the significant growth that Deel has achieved, both through organic and inorganic means. Its approach to delivering a complete HR platform to enable the future of work seems fully vindicated. The growth continues, with the first two months of Q2 seeing further growth. In April, it achieved 75% year-over-year revenue growth.
It also revealed that its HR and payroll products achieved 165% year-over-year growth in April. However, it is unclear what this metric refers to: revenues, user numbers or something else. The firm now has a customer base of over 35,000 customers, which employ 1.25 million workers across over 150 countries. Customers include global brands such as Klarna, BCG, and Change.org.
Before switching to Deel, BCG leveraged four vendors in six countries. Working with PayAsia by Deel has saved BCG time and resources, and it expects to continue growing. Rajes Rajamorganan, SEA-payroll manager at BCG, said, “We’ve grown more than 30% in the past four years—from 600-700 employees to more than 1,200.” The team expects to grow another 10-15% in the next few years while keeping their payroll headcount at 1.5.
While some companies achieve these kinds of growth by burning through investment cash, Deel has achieved it with profit. The company turned profitable in Q3 2023, and in Q1 2025, it managed double-digit EBITDA growth but did not reveal what that margin was.
It has not raised funding since 2022, although it gained significant new investors in February 2025, when General Catalyst and a sovereign investor purchased $300 million in Deel secondaries.
Alex Bouaziz, Co-Founder and CEO of Deel commented, “Reaching a $1 billion run rate is a reflection of the trust our customers have put in us. From day one, we believed the future of work demanded a new kind of infrastructure — one that was global, flexible, and obsessed with quality. We’re proud of this milestone, but we’re even more excited about what’s next. Our work has only just begun.”
A foundational platform for modern workforce management
Deel continues to expand its workforce management platform. Its most recent acquisition was the Payroll Division of SafeGuard Global, its first in 2025 and eleventh overall. Late last year it bought pay compensation leader Assemble as it looked to further strengthen its Payroll capabilities. It has ingested, integrated and continues to deliver a unified platform that helps organisations to hire, pay and manage employees.
Offering a unified platform enables organisations with operations, especially small operations in multiple countries, to manage their payroll infrastructure with a single vendor. Its growth has impressed many.
Anish Acharya, General Partner at Andreessen Horowitz and Board Member at Deel, commented, “When I first met Deel, there were 10 people with a big idea, and now they’re powering global teams at a massive scale. Alex and Shuo continue to execute on their vision, methodically building a platform that reduces the complexity of global hiring and enables companies to onboard talent anywhere in the world with speed and confidence.
“As a result, Deel has become the default infrastructure for global work. Their product velocity and early bet on AI have unlocked tools that make global work simpler and more accessible for customers everywhere.”
Enterprise Times: What does this mean
While this announcement looks back and celebrates a major milestone, one cannot help but wonder what is next for Deel. Its most recent valuation was $12.6 billion after the recent change in investors. This is nearly double the $5.5 billion valuation that was reported in Autumn 2024.
What is next? Will it seek an IPO? CNBC reported that it might consider going public in 2026. Bouaziz told CNBC in February, “We are getting ready to go out, potentially next year or a bit later. We believe we have the right reasons to go public.”
To do that, it may need to provide more financial information over the next few quarters than it has historically. It will be interesting to see what it reveals in the coming months. Also, that $12.6 valuation was based on a run rate of around $800 million, if revised could it attain $15 billion?
