What were the challenges of paying international team members pre-Deel and how did Deel capitalize on them?

Dan: First of all, there are two different models. I think startups and companies that are bootstrapping would find talent overseas, and they would effectively agree to some terms -- probably on a contract that the founders had drafted themselves -- and then wire them $5,000 a month. Just an international wire. They would hope that that individual or the tax authorities wouldn't cause them any problems. That's the reality of it.

On the flip side, you have more established companies that need to hire and build their presence overseas. What they would typically do is: they would say to their corporate law firm, "Hey, we want to incorporate in Canada, we want to incorporate in Mexico. We're going to send a general manager or some executive over there. We're going to put them in an Airbnb or a hotel for three months. We're going to move them onto that payroll, and they're going to live there for two years." Then with that, they would set up an office, they would make the hires, and they would build what I call a "material presence" in the country.

What Deel has done is to solve those two cases with technology, as well as all of the cases in between. We do that through a technology platform that marries fintech and HR tech together. When it comes to paying a contractor overseas, which was the first use case I mentioned, we have a legal framework to ensure that that production is legal, that the relevant tax authority registrations are made, and that no one is going to cause problems. Then we have the fintech that delivers the funds between the two parties. The other use case that I mentioned -- we are actually doing that story. We're sending the general manager to the country, we're setting up in the country, we're establishing a presence and all of that. Then we're able to hire a person on your behalf.