How UK-based Native Teams aims to simplify international payments and employment for Indian freelancers

Freelancing and remote work are booming in today’s fast-paced digital world. The freedom to set your own schedule, choose from a variety of job opportunities, and work from anywhere has attracted many to this lifestyle. However, it is not without its challenges.

Freelancers and remote workers often struggle to receive timely and cost-effective payments. International transactions can be slow and costly, impacting cash flow and financial stability. Additionally, ensuring proper employment status is critical to accessing benefits and complying with local laws.

Freelancers dealing with clients from different countries face the problem of having to manage multiple currencies, which can be time-consuming and costly. These interconnected issues create a complex web of financial and legal challenges that require a comprehensive solution.

To address these issues, Jack Thorogood founded Native Teams in the UK in 2020. The platform was born out of a need to simplify international payments and employment management, empowering self-employed workers and remote workers worldwide.

Simplifying international payments

Jack’s journey with Native Teams began with his own experiences managing a global team. He realized how difficult it was to ensure timely and cost-effective payments and a suitable working situation for international team members.

Jack envisioned a platform that would address these specific challenges and Native Teams was born.

The company’s mission is to simplify international payments and employment management, enabling freelancers and remote workers to manage their finances and employment effectively.

Product and offers

Freelancers and remote workers face several interconnected issues that can affect their professional and financial stability. One major problem is managing cross-border ties. paymentsManaging multiple currencies, ensuring timely transactions, and avoiding high transfer fees are constant headaches.

Native Teams addresses these issues through its multi-currency digital wallet, allowing freelancers to manage payments in multiple currencies. Receiving cross-border paymentsand transfer funds to local bank accounts with minimal fees. This keeps your cash flow stable and hassle-free.

Another major problem is the complexity of invoicing and payment requests. Freelancers often spend a lot of time creating, monitoring and managing invoices, which can delay payments and disrupt their financial planning.

The company’s client invoicing feature addresses this problem by allowing freelancers to create, track, and send professional invoices globally.

Additionally, the payment request feature helps manage cash flow with one-time or recurring payment requests, ensuring freelancers can request payments as needed, reducing delays and improving financial stability.

Another critical challenge is ensuring proper employment status and compliance with the law. Self-employed workers and small businesses need a formal structure to access benefits, comply with tax regulations and control the distribution of profits.

Native Teams makes it easy for freelancers, startups and SMEs to set up a legal entity in the UK, offering tax benefits and control over profit distribution. This helps freelancers and small businesses get a formal structure, which can be crucial for growth and compliance.

Managing payroll and employee benefits for remote teams is also complex and burdensome. Native Teams’ global payroll and employment service offers official employment status and regular monthly salaries for remote workers, ensuring compliance with local laws and offering the security of formal employment. This allows global teams to operate smoothly and efficiently.

Freelancers also need convenient ways to manage their finances and access their funds. Native Teams recharge with card This feature makes it easy to add funds to your wallet via a debit or credit card.

Additionally, the platform allows users to withdraw funds directly to their bank accounts, providing quick and easy access to their earnings.

Tracking expenses and maintaining organized financial records is essential for freelancers. Native Teams offers an expense management and categorization feature that organizes business-related expenses and ensures streamlined financial reporting. This tool helps freelancers track their expenses and manage their budgets effectively.

Empowering Indian Freelancers

According to Thorogood, the decision to expand into India was driven by several factors, including a large and diverse pool of freelancers, particularly in the IT and digital sectors, which the company believes aligns perfectly with its business goals.

Additionally, the growing acceptance of remote work in India has created significant demand for tools that facilitate international payments and employment management.

By expanding into the Indian market, Native Teams aims to provide freelancers with the tools needed to enhance their work experience and facilitate their business operations on a global scale.

However, adapting to a new market can be challenging as it requires understanding local regulations, cultural nuances, and the specific needs of Indian freelancers.

To address these challenges, Native Teams has implemented several strategies, ensuring a smooth transition and effective support for the Indian freelance community.

For example, the company has been focusing on localizing services, which it believes is essential to tailor tools and solutions to the specific needs of Indian freelancers. It is also establishing local partnerships to improve market presence and offer better support.

Empowering businesses through the Employer of Record (EOR)

Native Teams doesn’t just help freelancers; it also empowers businesses through its Employer of Record (EOR) service.

This service enables companies to hire and manage international employees cost-effectively and compliantly, and to manage the legal and administrative complexities involved in hiring staff in foreign countries. The EOR service ensures compliance with local labor laws, simplifying the process of expanding a global workforce.

In addition, the company’s global payroll services complement the EOR service by ensuring the processing of wages in local currency and the management of all related taxes and contributions. These services enable companies to scale their operations quickly and efficiently, ensuring regulatory compliance and reducing administrative burden.

Employ security measures to ensure payment security

Native Teams employs robust security measures, including secure digital wallets and mandatory KYC processes for user registration. The platform complies with financial regulations and local laws by providing localized payroll processing and tax compliance services.

In particular, a team of localized tax advisors, lawyers and customer services assist clients in ensuring compliance, thereby ensuring the security and legitimacy of financial transactions.

Native Teams operates in over 70 countries and ensures compliance with various legal and regulatory requirements. The platform takes care of all aspects of labor laws, taxes, social contributions, and other regulatory requirements in each country. The comprehensive approach helps companies operate globally without legal complications.

Financing and future plans

In May 2024, Native Teams raised €6.275 million in a funding round led by Eleven Ventures, Fil Rouge Capital, MFG Invest, and Begin Capital. The funds will support product performance improvements and strategic expansion in the US, India, and the broader Asian region.

Specifically in India, the investment will focus on improving local support, increasing the availability of tools and solutions, and further developing the platform to meet the unique needs of the Indian market.

The company believes this will empower more freelancers and small and medium-sized business owners with simplified labor payments and employment solutions.

Looking ahead, Native Teams plans to continue expanding and innovating. The company aims to improve local support, enhance the availability of tools and solutions tailored to the Indian market, and continue to redefine pay-for-work.