M&A / FundingPayments

Global workforce and payroll management provider Remote raises $150M Series B

Remote, an international payroll, benefits and workforce management platform announced a $150 million Series B led by Accel, according to a press release.

The company’s platform is designed for global teams, and includes salary simulations, digital contracts, payroll approvals, benefit management and offers a simple invoice across all countries.

Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Venture also participated in the Series B, which brings Remote’s valuation over $1 billion, according to TechCrunch.

The company says it will use the funding to build out its own streamlined financial service infrastructure, which will help Remote remove third-party processors, add transparency and speed to their model, and introduce instant payout and stock option payment services into the platform.

“Remote work is here to stay, and more companies are realizing that offering flexible remote work options will help them attract and retain an increasingly mobile workforce,” Remote CEO Job van der Voort told VentureBeat.

Remote will also will utilize the capital to expand advisory services, including global benefit guidance, equity incentive planning, visa and immigration support, employee relocation.

Currently, Remote’s platform offers multiple pricing plans, including a free option for contractors, a $299 plan for global employment, and a quoted price for a global plus model and payroll and benefits option.

The global employment option offers unlimited users for employees and employers, automated payment and payroll in multiple local currencies, built-in legal compliance, remote IP guard for intellectual property and on-demand visa and immigration services.

The platform also includes benefit management in every country supported, annual statutory employer reports, payment to third-party tax authorities and insurance providers and delegation of in-country employer legal responsibilities to Remote. The global employment plus plan also includes customized reports, data flows and system integrations.

Remote also announced two new tools and partnerships in conjunction with the funding, including a Global Employee API that allows HR platforms to add Remote’s international payroll system onto existing domestic services, and an applicant tracking system in partnership with Greenhouse that allows clients to onboard hires more easily.

As you can see, Remote is focused on taking the often-cumbersome administrative duties that often differ from country-to-country out of businesses hands, so they can spend time focusing on core products. Instead of worrying spending time and money handling a global workforce, companies can use a simple, cross-country billing and management system to handle remote teams at scale.

“Remote is at the center of a profound shift in the way that companies hire. Their new Global Employee API opens up access to Remote’s robust global employment infrastructure and knowledge map, and will help any HR provider expand internationally at a speed impossible before. Remote’s future vision as a financial services provider will consolidate complicated processes into one trusted platform, and we’re excited to partner with the global leader in the quickly emerging category of remote work,” Accel Partner Miles Clements said in the release.

In other recent fintech news, business banking startup Tide raised a $100 million Series C round. Embedded financial service provider Weavr also announced raising a £7M seed round.

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