RemotePass Achieves Profitability and Funding Milestone
RemotePass, a startup revolutionizing international hiring and payroll services, has successfully raised $17.4 million in a Series B funding round led by EBRD Venture Capital. Founded in 2021 by Kamal Reggad and Karim Nadi, the company achieved profitability last year, marking a significant milestone in its growth journey.
Innovative Solutions for Global Hiring
Based in both Boston, Massachusetts, and Abu Dhabi, UAE, RemotePass seeks to simplify the complexities of international hiring and compliance. The startup combines Employer of Record (EOR) services with contractor management and embedded finance technology, enabling access to USD bank accounts, corporate expense cards, and health insurance.
“Hiring is just the entry point,” says Reggad. “This round is about acceleration.” The company aims to support businesses with a comprehensive platform that addresses all aspects of distributed work, including financial services.
A Disciplined Approach to Growth
The startup’s business model is based on per-worker fees for its employment services. Reggad’s disciplined execution has garnered the attention of investors, including Amine Chabane, principal at EBRD, who noted the company’s ability to reach significant scale with minimal capital compared to others in the industry.
With participation from 500 Global and existing investors such as Oraseya Capital and Khwarizmi Ventures, the total funding raised by RemotePass now stands at $28 million. The company plans to expand its workforce from 140 to approximately 200 employees by the end of the year, catering to clients like Logitech and Tata Group.
Future-Proofing with AI and Compliance
The new funds will be utilized to enhance product offerings, increase compliance coverage, and accelerate the company’s AI initiatives. Currently, RemotePass employs AI agents to automate onboarding processes and various workflows, aiming to create a seamless experience for distributed teams.
“The convergence of HR, finance, and IT into a unified financial infrastructure is the future,” Reggad states, underscoring the necessity for companies to adopt comprehensive platforms that cater to the needs of global teams. As the landscape evolves, RemotePass is poised to lead the charge in transforming how organizations manage their international workforce.
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