Deel vs Jupiter Money: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Deel. Jupiter Money had ~$13.1M of annual revenue in FY2025.
Latest financial snapshot
Deel
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Jupiter Money
- Latest annual revenue
- ~$13.1M (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +298.3% a year, FY2023–FY2025
Financial summary
Deel
Deel is private and does not publish audited financials, but it discloses ARR milestones. ARR rose from about $57 million at the end of 2021 to $295 million at the end of 2022 (TechCrunch), $800 million by December 2024, more than $1 billion by June 2025, and more than $1.5 billion in the first half of 2026. Deel says it recorded its first $100 million revenue month in September 2025 and describes itself as profitable, without disclosing margins. Funding includes a $425 million Series D at $5.5 billion (October 2021), a $12 billion valuation in May 2022, a $12.6 billion secondary sale in early 2025, and a $300 million Series E at $17.3 billion (October 2025) led by Ribbit Capital with Andreessen Horowitz and Coatue. In November 2025 it hired former Intuit executive Joe Kauffman as CFO, a move widely read as IPO preparation.
Jupiter Money
Per filings reported by Entrackr, Jupiter's consolidated operating revenue rose about 7x from ~$823,600 (₹7.1 crore) in FY23 to ~$5.94 million (₹51.2 crore) in FY24, and the net loss narrowed 23.1% to ~$27.1 million (₹233.6 crore). The standalone entity reported ~$4.15 million (₹35.8 crore) of operating revenue and a ~$32 million (₹276 crore) loss. In October 2025 the Economic Times reported that revenue had more than doubled in FY25 and the annualised run rate had passed ~$17.4 million (₹150 crore). Total funding is about $185 million, including the October 2025 round of about $15 million from Mirae Asset, BeeNext, 3one4 Capital and Gupta personally, priced at a flat valuation near $600 million. Reports say management is aiming to reach profitability within 12-14 months.
Revenue and profit by year
Deel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $1.5B | — | — | — | Source |
| FY2025 run-rate | $1B | — | — | — | Source |
| FY2024 run-rate | $800M | — | — | — | Source |
| FY2022 run-rate | $295M | — | — | — | Source |
| FY2021 run-rate | $57M | — | — | — | Source |
Jupiter Money
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$13.1M | — | — | +120.0% | Source |
| FY2024 | ~$5.9M | ~-$27.1M | -456.3% | +621.1% | Source |
| FY2023 | ~$823,600 | — | — | — | Source |
Where the revenue comes from
Deel
- Employer of Record (EOR) fees
Not disclosed
Monthly per-employee fees (list price from $599) for employing staff abroad through Deel's local entities.
- Contractor management subscriptions
Not disclosed
Monthly per-contractor fees (from $49) for contracts, compliance, and payouts; Deel Shield is priced on top.
- Global Payroll and HR modules
Not disclosed
Per-employee fees for payroll on clients' own entities, plus paid HR, immigration, and PEO services.
- Deel IT, payouts, and FX
Not disclosed
Equipment provisioning fees and income from currency conversion and worker payout products such as the Deel Card.
Jupiter Money
- Card interchange
Not formally reported
A share of interchange on Federal Bank debit cards and CSB Bank Edge RuPay credit cards.
- Lending (Amica Finance)
Not formally reported
Interest and processing fees on personal loans: ~$1.79 million (₹15.4 crore) of revenue in FY24.
- Distribution commissions
Not formally reported
Fixed deposits, insurance and digital gold.
- Salary accounts
Not formally reported
Partner fees on accounts sold to employers through its sumHR payroll subsidiary. Consolidated operating revenue was ~$5.94 million (₹51.2 crore) in FY24.
Business model and strategy
Deel
How it makes money
Deel sells recurring, per-worker services. When a company wants to hire someone in a country where it has no legal entity, Deel's local entity becomes the Employer of Record: it signs the employment contract, runs payroll, withholds taxes, and provides statutory benefits, while the client directs the work and pays Deel one invoice.
Growth strategy
Deel is expanding from international hiring into running payroll and HR for a company's whole workforce. Levers include Global Payroll for clients' own entities (strengthened by buying Safeguard Global's enterprise payroll business in March 2025), domestic US payroll and PEO services, a free HRIS that pulls in small and mid-size companies, and acquisitions;
Competitive advantage
Deel's advantage is owned coverage plus product breadth. It operates its own entities and payroll capability in most of the countries it serves, so it can onboard workers quickly and control compliance instead of relaying work to local partners.
Jupiter Money
How it makes money
Jupiter earns money in four main ways. It takes a share of interchange when customers spend on Federal Bank debit cards and CSB Bank Edge RuPay credit cards, including credit card payments over UPI. Its NBFC, Amica Finance, earns interest and processing fees on personal loans; that arm generated ~$1.79 million (₹15.4 crore) of revenue and a ~$147,320 (₹1.27 crore) standalone profit in FY24.
Growth strategy
Jupiter grows by cross-selling to its existing base rather than by expensive new-customer campaigns. Its levers are Edge RuPay credit cards on UPI, NBFC personal loans, employer salary accounts (helped by the 2022 sumHR acquisition), and account-aggregator money management that draws in users who bank elsewhere. It also looked at buying into a licensed bank (SBM India), but those talks ended in 2026.
Competitive advantage
Jupiter's edge is a single app that combines a partner-bank account, a UPI-linked RuPay credit card, its own NBFC credit and investments, plus account-aggregator-based tracking across other banks (over 1 million active account aggregator users).
Questions about Deel vs Jupiter Money
Which company has higher revenue — Deel, Inc. or Jupiter Money?
Jupiter Money had ~$13.1M (FY2025). A comparable annual revenue figure for Deel, Inc. was unavailable here.
How does revenue per employee compare for Deel, Inc. and Jupiter Money?
Jupiter Money generates $29k / employee in revenue per employee. A comparable figure for Deel, Inc. requires matching employee and revenue data from the same reporting period.
How do Deel, Inc. and Jupiter Money make money?
Deel, Inc. and Jupiter Money generate revenue in fundamentally different ways. Deel, Inc.: Deel sells recurring, per-worker services. Jupiter Money: Jupiter earns money in four main ways.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Deel vs Jupiter Money overview