Venture Insights #7: Multiplier

Mar 13, 2021

The Pitch 💡

“Employ, onboard, and manage your international team without setting up a local entity.” - Multiplier

Sagar Khatri: Prev. VP of Corporate Development @ Hmlet (Sequoia-backed; raised US$48m), Senior Consultant @ Nomura.
Vamsi Krishna: Prev. First / Snr. PM @ Funding Societies (Sequoia & Softbank-backed; raised US$128m), Product / Engineering @ Works Applications (Highest market share in the Japanese ERP market).
Amritpal Singh: Prev. Search Consultant @ Korn Ferry, Manager @ Robert Walters.

Significant shifts in the way employers speak about their employees.
Image by Jiaqi Wang
The former way was to prioritize hiring the candidates within a similar geographical location. On top of this, workers and employers shared a collective consent: employers had secure wages and job security, and employees stuck to operating in the orthodox office space and management setting, often to pay the bills.
But now the table has turned. Today we’ve seen the shift, which is majorly led by tech companies that move towards more decentralized and merit-based hiring. Progressively, these businesses have concentrated on recruiting the right-fit workers and imparting variety in everything of anything that could make the workers more productive.

Paying a globally decentralized remote workforce is complicated, costly, and usually burdensome.
Despite the increase in demand by the companies to hire cross-border workforce, it’s still very challenging when it comes to overcoming the regulations and payroll issues, among a few.
This means negotiating a dynamic system of state and national rules, and the punishment for doing it wrong can be expensive and time-consuming. Employers are then left to trade amongst a variety of flawed solutions.
Typically what employers do is appointing a Professional Employer Organization (PEO) that will take care of the worker’s payroll, in return for 15 to 20 percent of payroll in the process. The risk of doing this incorrectly is greater than ever, as the misclassification of workers may have severe implications.
Dynamic experiences of the management team.
Finance itself is already a top-rated regulated industry and building a solution to create a new standard for global payroll, taxes, compliance and benefits just adds another layer of challenge.
Being the first PM for one of the fastest fintech startups in SEA, ex-technology exec. in Alibaba acquired company, ex-VP that was responsible for the company expansion and fundraising from the tier-1 fund and not to forget the vast experience in the top executive search firm just made the combination of the management team unique.