Global payroll and HR tech platform Oyster today announced it has closed a $59 million Series D funding round led by Silver Lake Waterman. The investment, which brings Oyster's total valuation to $1.2 billion, will fuel the company's expansion and product development efforts.

Oyster plans to use the new capital to further develop its platform, strengthen compliance features, and improve talent acquisition and retention capabilities. The company has notably facilitated significant remittances to emerging markets, where over 40% of its team members are located.

"This funding round is a major milestone for Oyster," said Tony Jamous, co-founder and CEO of Oyster. "It will enable us to continue serving our global customer base and accelerate our growth while solidifying our position as a leading provider of global employment solutions."

Shawn O'Neill, Managing Partner at Silver Lake Waterman, added, "Oyster has established itself as a leader with a platform offering robust compliance and local HR knowledge. The team is well-positioned to continue delivering essential HR solutions for the evolving global employment landscape."

Oyster's Series D funding follows a successful period of growth for the company. In the past year, Oyster has introduced Global Payroll, Visa Sponsorships, and Salary Insights for fair compensation and borderless team management, as well as Oyster Embedded, a no-code solution for integrating global hiring and payroll.

As a B Corp-certified unicorn, Oyster aims to democratise global job opportunities and foster economic equity. Its platform supports employment and compliance in over 180 countries, significantly easing the burden on HR and payroll teams while reducing external advisory costs.