Thanks to Multiplier, a Singapore-based fintech company, Aspire found critical tech talent beyond borders helping it achieve growth milestones whilst making savings of more than $1M per year.
In the four years since its inception, Aspire has developed an all-in-one finance operating system designed to empower start-ups, small and medium-sized businesses, and enterprises in South-East Asia to better manage finances in a smarter way. It has become one of the top startups in the region, winning the Best Employer of the Year and Payments Tech of the year by Asia Fintech Awards, and making it to LinkedIn’s 2022 Top Startups.
Prior to working with Multiplier, Aspire found that hiring talent at speed was no easy feat amid the global talent crunch. Costs for hiring top talent were high, and so was the demand in Singapore.
Entering new markets and tapping into global talent was critical to Aspire’s mission. In order to maintain its fast pace of growth, Aspire identified Multiplier as a partner that could help to find and employ the right people due to its global presence, hands-on support, and ability to keep up to their speed.
Leveraging Multiplier’s expertise
In addition to enabling Aspire to address its challenges with an integrated solution, Multiplier supported the company’s vision for expansion and alleviated its global employment challenges. Other requirements Aspire had were quick and efficient turnaround times and 100% compliance, which Multiplier is well known for.
Aspire needed to scale its headcount to align with business milestones. However, concentrating this effort on Singapore alone meant hiring was slow, not to mention costly. The next viable option was to tap into a wider talent pool, and India became a natural choice for top tech talent in particular.
“[This was] crucial for us to tap into a wider talent pool. Singapore was getting competitive for tech talent. We know India is a huge market for talent, and Multiplier had an early setup in India, which was great for us,” Melody Chen, Head of People at Aspire, said. “Multiplier was able to help us with the service and helped us solve our issue with the talent crunch.”
In choosing Multiplier, Aspire was attracted to its competitive and flexible pricing, Chen explained. Additionally, Multiplier was selected because of its customer-centric approach that provides agility to customer support, as well as its ability to meet hiring demands in short lead times. With that, Aspire was able to expand its team without setting up an entity in India and minimised hours of work on payroll management.
“I really like how well they can meet the client’s needs. The team was also able to help us source equipment, such as laptops, in a timely fashion. Somehow the team is able to pull resources to give solutions to our problems almost instantly,” Chen added.
As an Employer of Record solution provider, Multiplier simplifies payroll while ensuring a seamless process from onboarding to payroll. Its platform enables global teams to efficiently manage their HR operations, improving productivity and achieving greater agility. For instance, it can manage a global team’s payroll, benefits, taxes, social contributions, and local insurance policies without having to open a local business entity.
Chen concluded, “Overall, there is a significant cost saving compared to setting up an entity. The process, the product, and the overall service have helped us achieve milestones at record speed.”