For a year, an enterprise that has been in business has received $4m of funding to help it build a platform to provide a global talent market. Multiplier, a Singapore-based company, allows enterprises to hire international staff without worrying about compliance with payroll laws and HR regulations in their home countries.
Multiplier CEO Sagar Khatri explains that “our fundamental premise” is that many companies, especially in developed markets, have difficulty hiring the people they need. “And while this talent might be available in other nations, governments are becoming increasingly cautious about allowing those people in.”
Remote working is possible, and the Covid-19 disaster has proven it. While this may mean that you can hire staff from other parts of the world to fill the talent gap, many companies find it difficult to pay their staff and comply with local laws in countries they don’t have.
Multiplier. Khatri states, “We believe that your physical location should not restrict who you can work for.” Khatri says, “Equally as important, where you are located as a business shouldn’t have implications on who you can hire.”
Multiplier spent its early years building infrastructure in over 25 countries that are popular with international workers and partnerships in 75 more markets. The Multiplier has created legal entities in each country through which customers can hire staff and comply with local regulations. Multiplier’s technology platform provides employers with an easy way to manage the complexities of local compliance and labor contracts.
Multiplier claims that customers can now quickly and efficiently onboard an employee from an overseas country.
Multiplier sells the platform as software-as-a-service. Customers pay monthly fees based on how many employees they employ through Multiplier. Multiplier acts as a third-party supplier to employment services. However, the relationship between employee and employer remains direct. Many staff may not be aware of the enabling technologies underpinning their employment.
Khatri says Multiplier is helping customers speed to market. He adds that Multiplier had attracted significant numbers of new subscribers since its inception 12 months ago. We’re creating an environment where it doesn’t matter what the labor laws are in other countries for you as a talent hirer.
The target market for the company is significant. The company’s target market is broad. One segment is small- and medium-sized businesses that have never had to operate in the many countries where they might choose to hire talent. These employers require assistance if they want to get those workers. Multiplier’s solutions are equally attractive to larger companies. They may be already using third-party payroll suppliers overseas, or they might have tried to do it themselves. However, Multiplier provides a single automated point of contact across multiple jurisdictions.
Khatri believes Multiplier can deliver more comprehensive socio-economic benefits, especially in the South-East Asian markets where it is specialized. He points out that Multiplier’s platform allows talented people from the region to connect with international employers.
Multiplier’s customer base is growing, so Multiplier will be focusing more on the services it offers employers. Multiplier already assists employers in sourcing health insurance products for employees, but other options are available, from payments to procurement.
The business requires additional capital to fulfill its potential. This is why it announced today that it had launched a fund-raising campaign. Multiplier received $4m in capital from Sequoia Capital India’s Surge. Other co-investors included Golden Gate Ventures and MS&AD Ventures. Picus Capital was also involved. There were also angel investors.
Khatri says, “Recruitment has changed. Platforms such as LinkedIn make it easy for employers to locate the talent they need anywhere in this world.” Khatri says, “But once you have identified the talent, the problem is getting it onboard. That is where we can assist.”