Multiplier, a company that helps businesses hire and pay remote workers while staying compliant with local rules, revealed today that it has secured $60 million in a Series B round at a $400 million valuation. Multiplier has raised $77.2 million in total funding since its inception in 2020.Sequoia Capital India provided $13.2 million in Series A funding to Multiplier just three months ago.
The funding will be used to expand the features available. Businesses, for example, can now self-register on the site and send candidates contracts and stock ownership plans immediately. Multiplier is currently developing a crypto-payroll tool that will allow businesses to pay freelancers in cryptocurrency.
The company’s core product is an Employer of Record (EOR) solution that allows it to work with customers as the legal employer of their employees, allowing them to comply with labour and tax rules in their respective jurisdictions. Multiplier has EORs in more than 150 countries to date. Multiplier’s clients can pay their employees using the PEO solution, which helps them handle payroll, benefits, and expenses. The company’s services start at $300 per month per employee or $40 per month per freelancer. A multiplier can help a company manage payroll for $20 per employee each month if it already has its own local corporation.
Multiplier is one of the companies that use Multiplier to manage their global payroll and compliance. Other companies that use Multiplier to manage their global payroll and compliance include Amazon, ServiceNow, and Graphisoft.
“Today, innovators and businesses are not bound by borders in their ideas,” Sequoia India principal Rohit Agarwal said in a prepared statement. This has been one of the most fascinating movements in recent years, and it represents a significant transition. Several Asian entrepreneurs are creating products for the global market from the start and are hiring from all over the world. We feel that workforce globalisation is one of the most exciting themes of the coming decade, and we’re excited to see Multiplier help hundreds of firms and thousands of people make that transition easily. “
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