US start-up buys Zeitgold

US start-up Deel has acquired German accounting start-up Zeitgold, according to a media report. This ends a turbulent period.

Fintech Zeitgold is being bought by US-based startup Deel, reports Finance Forward. Nothing is known about the purchase amount. The Zeitgold shareholders will become shareholders in Deel, according to the report. In addition, all - remaining - employees are to be taken over.

The Berlin-based start-up has had a turbulent time. It was only in May that co-founder Stefan Jeschonnek left the company. 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. A new software is supposed to support the accounting of self-employed people.

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