Deel

Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking at the piping hot global payroll space, neobank Dave’s financial results and related stock boost, and more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, subscribe here. The big story This week alone, we covered three interesting deals in the global payroll space. For starters, Deel announced it is acquiring African-based payroll…

Deel is on an acquisition march. On Tuesday, the HR startup announced it is acquiring African-based payroll and HR software and services company PaySpace in a deal that marks its largest acquisition to date. The move comes less than one week after Deel announced it had picked up Munich-based Zavvy, an AI-based “people development” startup building tools for personalized career progression, training and performance management. Financial terms of the PaySpace acquisition were not disclosed.  Johannesburg-based PaySpace…

Consolidation is afoot in the world of HR services, with larger players snapping up interesting, smaller startups en route to more robust unit economics and providing one-stop shops for customers looking to cut down on suppliers. In the latest development, Deel — the $12 billion HR business out of Paris — is scooping up Zavvy, a Munich-based AI-based “people development” startup building tools for personalized career progression, training, and performance management. Deel, which has made its name mainly with payroll…

It was a short week and that was reflected in the amount of news we covered in fintech land last week. But there was still plenty to talk about, including Clair’s raise, some allegations against Deel and exclusive post-SVB growth numbers shared by banking services startup Mercury. On-demand pay gets a boost Some 82% of people are considered frontline workers who work on shifts and are likely paid hourly. The global pandemic shed a light on these workers when their fatigue and burnout resulted in “The Great…

A California Senator is urging the state’s Labor and Workforce Development Agency to conduct an investigation into the business practices of fintech turned HR startup Deel. Last week, Senator Steve Padilla (D-San Diego) sent a letter to Stewart Knox, California Secretary of Labor, alleging that Deel has hired hundreds of employees but classified them as independent contractors. By doing so, Senator Padilla charged, Deel is “effectively denying them the full suite of employment and social safety net benefits and labor…

Global payroll provider Deel plans to provide $120 million of its own cash off its balance sheet to support startups’ payroll operations in the wake of Silicon Valley Bank shutting down. It has teamed up with Andreessen Horowitz (a16z) and Y Combinator – both of which are investors in Deel – to offer the support to customers. The Federal Reserve just announced that Silicon Valley Bank depositors, both insured and uninsured, will be fully protected – which led to collective relief throughout the tech ecosystem.…