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. Tiger Global and Sequoia Capital India lead the round, bringing Multiplier’s total funding since its founding in 2020 to $77.2 million. Sequoia Capital India provided $13.2 million in Series A funding to Multiplier just three months ago.
The funding will be utilized 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 main product is an Employer of Record (EOR) solution that allows it to work with clients as the legal employer of their employees, allowing them to comply with labour and tax laws in their respective jurisdictions. Multiplier has EORs in more than 150 countries so 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. Multiplier can help a company manage payroll for $20 per employee each month if it already has its own local corporation.
Amazon, ServiceNow, and Graphisoft are among the firms who utilise Multiplier to manage their global payroll and compliance.
“Today, founders and businesses are not constrained by borders in their thinking. This has been one of the most fascinating trends in the last couple of years and it’s a fundamental shift. Several founders across Asia are building for the world from day 1 and hiring from around the world from day 1. We believe globalization of the workforce is one of the most exciting trends of the next decade and are thrilled to see Multiplier facilitate that shift seamlessly for hundreds of companies and thousands of employees.”Rohit Agarwal, Sequoia India
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