HR and fintech startup RemotePass raises $5.5m Series A funding to accelerate growth

HR and fintech startup RemotePass raises $5.5m Series A funding to accelerate growth

Published: 06-03-2024 09:02:00 | By: Pie Kamau | hits: 2231 | Tags:

RemotePass, a HR and fintech platform that helps companies onboard, manage, pay, and retain remote workers, has secured $5.5 million in Series A funding. The round was led by 212 VC with participation from investors in the US, Europe, and the Middle East, including Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15, and Swiss Founders Fund.

With this funding, RemotePass's total capital raised has surpassed $10 million, adding to previous investments from BECO Capital, Wamda Capital, Plug & Play, and Flat6Labs.

Ali Hikmet Karabey, Managing Director, 212 VC: "Witnessing RemotePass's remarkable product growth and stellar customer service since early 2023 has solidified our belief in their visionary team and business model. By addressing today's workforce challenges like talent mobility and remote work, RemotePass stands out as a key enabler. It connects companies seeking a broader talent pool with emerging market talents who previously lacked access to global financial solutions and processes."

RemotePass serves a range of clients, from startups to large enterprises like Spotify, Logitech, Paymentology. It helps them onboard, manage, and pay their talent base in countries where they don't have a local legal presence. RemotePass's clients can hire full-time employees and contractors in over 150 countries.

Kamal Reggad, CEO and Co-founder, RemotePass: "Our platform helps democratize access to global opportunities, leveling the playing field for skilled individuals and enabling them to compete in a global job marketplace. This funding fuels our mission to empower countless lives and help global teams succeed."

The RemotePass app offers access to a range of financial services and benefits tailored to the needs of remote workers, including multiple payout options, a USD debit card, as well as perks like health insurance. Apart from an end-to-end contractor management platform, RemotePass provides businesses with EoR services and relocation support.

Fadi Ghandour, Founder, Wamda Capital: "This oversubscribed funding round is a testament to the company's robust financials, strong team, and high growth potential. What impressed us most at Wamda, and what confirmed our decision to back Reggad and his team since inception, is his entrepreneurial capability, which he demonstrated during the difficult days of the pandemic when he pivoted the company and subsequently built a great startup."