Payroll platform Deel has announced an investment of $300m led by new backer Ribbit Capital which has seen its valuation rise to $17.3bn.
The US-based startup, which is set to generate more than $1bn in revenue by the end of the year, said that the investment would be used to "advance its mission to simplify global work".
More specifically, Deel plans to use the funds to finance potential acquisitions and to expand its product range and geographical reach. It will also invest in the buildout of its own systems as well as AI innovation.
“This round is about doubling down on the global payroll infrastructure we’ve built from the ground up," sais Deel CEO and co-founder, Alex Bouaziz.