Ontop, a multi-country payroll manager for Latin America, has raised $4.5 million in funding. Point72 Ventures led the round.
Bogotá, Colombia, May 12, 2021 — Ontop, a multi-country payroll manager for Latin America who was part of Y Combinator’s most recent batch of companies, today announced $4.5M in new Series Seed funding. The investment round was led by Point72 Ventures and included investments from Funders Club, ClockTower Technology Ventures, H2O Capital, Magma Partners, SOMA Capital, Supernode and other Angel investors.
Ontop is changing the way people are hired in and out of Latin America by streamlining contract creation, signing, compliance document collection, and payment solutions. The company’s easy to use and cost savvy solution enables small and medium-sized companies to hire Latin American talent and gives workers access to remote opportunities with companies in the US, Europe, and Asia. Ontop will use this most recent round of funding to roll out additional payments and banking solutions for contractors in the region, including the option to maintain account balances in different currencies.
Decentralized work is a fast-growing trend that shows no signs of slowing down. Accelerated by the COVID-19 pandemic, companies are realizing that a wide range of roles from software development to data analysis can be performed on a fully remote basis without affecting productivity levels and in many cases achieving higher levels of efficiency. One year into the pandemic, experts estimate 42% of the American workforce remains fully remote and companies state that remote work is getting easier, not harder, as time goes on. Looking further ahead, the number of remote workers in the next five years is expected to be nearly double what it was before COVID-19, according to the Future Workforce Pulse Report.
“We are building the rails for the fast-moving train of remote work. We are excited to have Point72 Venture’s support as we develop innovative financial solutions for this next generation of workers and companies emerging in developing regions of the world such as Latin America,” said Santiago Aparicio and Julian Torres, co-founders of the company.
As flexible and remote working become increasingly mainstream, it is easier for companies to start looking for employees without geographical limitations, in regions where the talent pool and economics are compelling. Latin American workers have in-demand skills in areas from marketing to finance, making it an exciting market for employers to be able to enter.
Pete Casella, Partner at Point72 Ventures, said “We believe Ontop is using technology to help businesses of all sizes take advantage of the impressive talent market in Latin America while at the same time opening up a new set of opportunities for employees in the region. The company’s unique remote contracting platform helps companies manage the complex combination of documentation, tax and regulatory requirements, and payments solutions needed to hire remote talent.”
Ontop is a multi-country payroll manager for Latin America, and a part of Y Combinator’s W21 batch of companies. Ontop’s unique solutions help companies all over the world tap into the talent market in Latin America by providing infrastructure to optimize cross border payments and deliver financial services. It was founded by Santiago Aparicio, Julian Torres, and Jaime Abella, in Colombia, in August 2020.
About Point72 Ventures
Point72 Ventures is a global venture capital strategy led by a diverse set of domain experts with the capital and mandate to lead rounds through all stages of a company’s growth, from idea to IPO. The team invests in founders with bold ideas who use the latest technologies to drive transformational change across industries. Point72 Ventures offers entrepreneurs access to expertise and insights, executive and technical talent, and hands-on support. With offices in the U.S. and Europe, Point72 Ventures is an affiliate of Point72, the global asset manager founded by Steven A. Cohen. For more information, visit p72.vc.