Six years in, we’re growing 80% year over year, with North America now driving 60% of revenue.
It’s official — we’ve just passed $100 million in Annual Recurring Revenue (ARR), six years after we started. We’re growing 80% year over year, and our core business holds 115% Net Revenue Retention (NRR).
Those are good numbers, and we’re proud of them.
Sagar Khatri, our co-founder and CEO, called the milestone “a validating checkpoint, proving that when you focus on solving the hardest compliance and money movement problems seamlessly, the market responds.”
But we actually want to talk about how we got here. And that mostly came down to what we decided not to build.
Betting against the industry
To hire someone in another country, you need three things:
1. A legal entity in that country
2. Payroll that follows local law
3. Systems for the money to actually reach that person
Most of the industry handles that by piecing together other people’s parts; a local partner in one market, a payroll vendor in the next, and software stitched over the top.
We went the other way.
We own our legal entities in 160+ countries, and payroll runs on infrastructure we built ourselves. It all works as one system, with legal, payroll, and compliance connected by design instead of assembled over time. For everything else, we work with the best partners we can find.
Building it ourselves wasn’t the fast option. We’ve spent six years setting up our own entities, payroll engines, and compliance frameworks country by country, work most providers skip by renting someone else’s.
The upshot is that the usual compliance and currency headaches that come with hiring and paying someone abroad land with us instead of you.
We think that’s a great alternative to the industry’s historic model.
As Sagar says: “If you don’t own your infrastructure, you’re paying somebody to use theirs.”
The number we’re proudest of
ARR shows how much we’ve grown in just six years. NRR shows whether customers think it was worth it, and ours is 115%.
That’s the number we’re proudest of, because it tells us our existing customers spent 15% more with us this year than last.
It’s proof that the model works, and that building deliberately was the right call.
We could have spent six years racing to bolt on every tool and feature the category was adding. This would have left us as one of a number of options distinguishable only by brand, rather than by capability.
“If you look at the major providers in the game right now and you compare from a feature perspective, they’re largely similar,” Sagar explains. “There’s really not a significant difference.”
Instead, we put the time into the infrastructure underneath instead, and customers are sticking around and growing because of that vital decision.
Outside recognition has validated our approach, too.
The IEC Group awarded us a Leader in its Global EOR Study for the third year running in 2026, naming us as the provider with the strongest performance improvement of anyone assessed. We also recently picked up a GPA Award for excellence in cross-border payroll execution.
Building on what we own
That’s just the tip of the iceberg. Owning the core has paid off in many other ways.
Because the entities, payroll engines, and compliance expertise are ours, each new product sits on the same foundation rather than a fresh set of partners.
That’s how we’ve become more than just an Employer of Record (EOR).
Between 20% and 30% of our revenue now comes from other products, including Contractor of Record and Global Payroll.
We also connect natively to more than 20 HRIS platforms, like Workday, BambooHR, and SAP SuccessFactors, so it all plugs into the systems you already use.
All told, we now process over $181 billion in annual payroll.
“By owning our own infrastructure, we have far more control,” Sagar says. “We eliminate dependencies. We eliminate third-party risk.”
From Singapore to the US
The past six years have been a fascinating journey, taking us to new places. Our model now resonates the most in markets that are nowhere near where we started.
We began in Singapore, working with companies across Asia-Pacific. Today, North America is our biggest market at 60% of revenue, and it got there while a lot of our industry peers were pulling back from the US.
Most of that growth is coming from companies already working with us.
US-headquartered customers drove 47% of our expansion across Q4 2025 and Q1 2026. Established companies are hitting a critical challenge as they scale internationally, and they’re bringing it to us.
Rare Beauty is a perfect example. Anita Punjabi, Head of People and Culture, explains:
“Multiplier has been a supportive partner in our growth by evaluating our unique circumstances and offering tailored solutions that meet our specific needs. With their help, we have been able to build teams in six countries and counting in a span of less than three years.”
To everyone who got us here
Since 2020, we’ve helped over 3,700 companies hire, manage, and pay global teams across 160+ countries.
None of that happens without people. So, we want to mark this milestone by thanking those of you who have got us here.
To our customers, thanks for trusting us with your teams and your payroll. To our team around the world, who built this one country at a time, this milestone is yours. And to our partners, who make the rest of the stack work with us, we couldn’t have done it without you.
But what comes next?
Our goal hasn’t changed. “Capital markets have dedicated exchanges, but global labor, including the movement of wages and talent across borders, has never had a unified, frictionless infrastructure,” Sagar says. “We are building that missing exchange.”
Passing $100M ARR tells us we’re on the right track. But there’s lots more to do. We’d love for you to join us as the journey continues.
Talk to our experts to see how we can support your global team.
FAQs
What is Multiplier?
Multiplier is the Global Exchange for Work — an Employer of Record (EOR) and global payroll platform that lets you hire employees and contractors in 160+ countries without setting up a local legal entity. Multiplier becomes the legal employer in each country, handling payroll, tax compliance, benefits, and local labor law through our own entities — not a third-party partner network.
Who uses Multiplier?
3,700+ companies globally, from startups hiring their first international employee to enterprises managing 500+ distributed team members. There's no minimum headcount so you can start with even one hire.
What is the Global Exchange for Work?
The Global Exchange for Work is the infrastructure that lets countries, companies, and talent transact compliantly across borders. It's built on three parts: an Exchange (where participants meet), an Architecture (owned legal entities, native payroll engines, and compliance frameworks across 160+ countries), and an Ecosystem (15+ integrations including Workday, HiBob, and BambooHR).
Because we own this infrastructure end-to-end, one team is accountable across every market and there's no partner relay when something needs fixing.
Is the Global Exchange for Work the same as an Employer of Record?
No. An Employer of Record is a category of service, helping companies employ talent across borders compliantly. The Global Exchange for Work builds on that foundation by connecting employment, payroll, payments, compliance, and mobility into a single infrastructure layer. EOR is one service the exchange enables, alongside the broader systems needed to support global work at scale.
