A startup that enables companies to hire and pay remote workers while complying with local laws has raised $60 million in a Series B. The round was co-led by Tiger Global and Sequoia Capital India. Three months ago, Multiplier raised a Series A of $13.2 million from Sequoia Capital India.
The funds will be used for more features. Businesses can now register on the platform and instantly send candidates contracts and offer employee stock ownership plans. A feature that will allow employers to pay with cryptocurrencies is currently being worked on by Multiplier.
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The startup's main product is an Employer of Record (EOR) solution that allows it to partner with clients, acting as the legal employer of their employees and enabling them to comply with local labor and tax laws. EORs have been set up in more than 150 countries. The professional employer organization solution from Multiplier helps clients manage payroll, benefits and expenses. The company's services start at $300 per employee per month. If a company has its own entity, Multiplier can help manage payroll for $20 per employee a month.
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In a prepared statement, the principal of Sequoia India said that businesses are not constrained by borders in their thinking. This has been one of the most interesting trends in the last couple of years. Several founders in Asia are building for the world from day one and hiring from all over the world. We believe globalization of the workforce is one of the most exciting trends of the next decade and are thrilled to see Multiplier help facilitate that shift for hundreds of companies and thousands of employees.
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