US start-up buys Zeitgold

According to a media report, the US start-up Deel has taken over the German accounting start-up Zeitgold. This marks the end of a turbulent period.

The fintech Zeitgold is being bought by the US start-up Deel, reports Finance Forward. The purchase price is not known. According to the report, the Zeitgold shareholders will become shareholders in Deel. In addition, all remaining employees are to be taken on.

The Berlin-based start-up has had a turbulent time. Co-founder Stefan Jeschonnek only left the company in May. The reason for his departure was a "change in the official structure", it was said at the time. In July last year, Zeitgold surprisingly announced the end of its accounting software for restaurateurs and fired 75 employees at its locations in Berlin and Tel Aviv. New software is intended to support the bookkeeping of self-employed people.

Deel sells software that supports the payroll accounting of international companies. The start-up is said to be worth 1.25 billion euros. Its investors include Rocket Internet and La Famiglia. Zeitgold is Deel's first acquisition. But more are to follow, the start-up apparently announced after its latest financing round of 150 million US dollars.