Current global payroll providers use in-country partners to calculate payroll for multinational corporations. KarbonPay has developed an automated, cloud-based platform which performs these calculations at the click of a button. This saves time, cost, historically reduces error rates to zero, and allows customers global reporting in one platform.
First raise completed Q1 2020 of $165,000 Crowd Funding Raise in process with $430,000 raised as of 1/4/2021
Our primary customer are companies using offshore labor teams. Our latest data shows there are 44 million persons outside of the US who work for US based companies.
Problem or Opportunity
Current multinational payroll providers use third-party in-country partners to process payroll data. This requires a 5-7 business lead-time from the customer in order to obtain, pass along, process and return payroll data so the customer company can pay their overseas employees. This is time consuming, expensive, prone to errors, and prohibits the customer from running reports on multiple country teams.
Solution (product or service)
KarbonPay gives control back to the customers by automating the entire process in the cloud. With a click of a button customers can process their multinational payroll in one platform at the time they need to run payroll. This eliminates the lead-time requirement, and with less hands in the process, virtually eliminates errors and dramatically cuts the cost while allowing customers to run global reports. Karbonpay means better control, less cost, fewer errors, and better analytics.
None which offer automated multinational payroll. Providers such as ADP, Zenefits, Oracle, etc. use in-country partners and therefore are little more than information brokers between the customer and the parties actually calculating payroll data within each county in which the customer operates.
Advantages or differentiators
KarbonPay gives multinational payroll ownership back to the companies needing to pay their global teams. Automated, cloud-based platform which is faster, much more cost efficient, accurate and houses all information in one platform allowing for global reporting not available with other providers.
KarbonPay is a SaaS platform utilizing a recurring revenue model which charges companies based on the number of headcount on the platform in addition to a change per region.
For example, if a US based company has a team of 25 persons in Mexico and a team of 15 persons in South Africa, KarbonPay charges a monthly location fee for each Mexico and South Africa and a monthly international headcount fee for 40 employees. This can be on a month-to-month basis or annual contract which provides some discount to the customer.
Cloud-based SaaS business charging month-to-month or contracted annually recurring revenue.
Money will be spent on
Additional country rules engine roll out and marketing of services. UI/UX and application security along with some administrative carry for the next year.
Offer for investor
We are currently raising at a $6.2 million pre money evaluation which equates to a $1.24 price per share. We have currently raised $430,000 at this level and are seeking a total of $1,070,000 in funding during this round.
Continue to grow platform capabilities by adding additional country support while keeping up with ever changing regulations within the countries we operate.
Incubation/Acceleration programs accomplishment
We launched in South Africa in September of 2020 and have since grown our customer base to over 50 companies and 1,000+ employees and growing. This month we start a pilot program with one of the largest multinational payroll providers in the world which once successful will lead to an incredible increase in our company.