Multiplier, a Singapore-based HR and payroll platform, has reportedly collected $13.2m in fresh funding that will enables its expansion efforts.
The funding round was led by Sequoia Capital India, with commitments also coming from Pine Labs CEO Amrish Rau and Zomat co-founder Deepinder Goyal, according to a report from Tech in Asia.
With the capital injection, Multiplier hopes to expand its suite of solutions, expand into new markets and develop its platform.
Multiplier previously raised $4m in its seed round back in June and since then, it has tripled its revenue and doubled its customer base, it said.
The FinTech platform is designed to help companies manage the payroll, taxes, social contributions and insurance of their global teams. Its technology supports payments in 120 countries.
Its technology also helps companies with their compliance processes with local laws.
Singapore has established a strong FinTech sector. Since 2017, a total of $6.7bn has been invested into Singapore-based FinTech companies, according to data from FinTech Global. While funding dipped in 2020, which is likely tied with the pandemic troubles, the sector is set to bounce back in 2021. A total of £1bn has been invested in the first six months of the year.
Earlier this week, the Monetary Authority of Singapore announced the 20 finalists for its latest Hackcelerator. The theme of the latest program is accelerating the development of green finance in Singapore.
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