While working with a global team mainly comprising of freelancers and remote workers, Jack Thorogood struggled with payments, invoicing, and compliance to different countries’ laws and regulations. Understanding that he is not alone facing such issues, and decided to develop a platform (Native Teams) to deal with all issues related to employment requirements of freelancing and remote working (in different countries).
| Startup Name | Native Teams |
| Founders | Jack Thorogood |
| Industry | Global Work Solutions (work payments platform) |
| Headquarters/based-in | England, United States |
| Idea | To offer a variety of global payments, employment, and tax reporting services without hassle. |
| Revenue | Not much is disclosed. |
| Date of Commencement | 2020 |
| Investments | €6.275 million funding round (May 2024). |
| Number of Customers | 90,000+ worldwide |
Competitors: Remotify and Papaya Global
The Problem: Why Does This Matter?
Working as a freelancer comes with many perks but with many challenges. Untimely or no payment is the most common problem in this field.
- Moreover, if dealing with international clients, then the transactions turned out to be expensive and slow. Thus, it affects the cash flow and financial stability.
- Then, there is invoicing and payment requests, which never turned out a timely process.
- Also, let us not forget the hassle of handling multiple currencies. Again, a process which takes up lots of time and money (obviously).
- Another hurdle is to secure a proper employment status to access benefits and maintain compliance with the local laws to work as a freelancer.
Jack Thorogood from the UK went through similar struggles while working with a global team.
The Solution: Native Teams
Noticing the challenges, Jack Thorogood wanted to form a platform to simplify international payments and employment management.
Thus, in 2020, he founded Native Teams in the United Kingdom to empower remote workers and freelancers globally.
Native Teams offer multi-currency digital wallets through which freelancers can manage the following things:
- Payments in different currencies.
- Receiving cross-border payments
- Transferring funds to local bank accounts (with minimal fee charges)
- Features like Invoicing and Payment requests.
The invoicing feature of the company enables them 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 that freelancers can request payments as needed, reducing delays, and improving financial stability. With payment request feature, freelancers can manage cash flow with one-time or recurring payment requests. They can make different requests as needed.
Moreover, Native Teams create a UK legal entity for startups, SMBs, and freelancers. This helps them in keeping a control over profit distribution and compliance with tax regulations. With this, there is a great opportunity for freelancers and small businesses to gain a formal structure.
With comprehensive global payroll and employment services, you can create an employment status and receive constant monthly salaries as a remote worker. All this, while ensuring compliance with local regulations managing taxes and contributions. Interesting!
Strong security measures are ensured with secure digital wallet and mandatory KYC for user registration, Native Teams complies with financial regulations in more than 70 countries where they operate.
With Native Teams, businesses do not have to worry about employment laws, social contributions, and taxes. WHY? Because Native Teams manage all.
The top-up by-card feature: With this tool, you can easily add funds through a debit/credit card. You can also directly withdraw funds in your bank accounts.
Expense Management and Categorization feature: It allows you to organize business-related expenses, thus, ensuring streamlined financial record-keeping. You can effectively manage the budget and expenses with this tool.
Native Teams is expanding in India as well. Moreover, to improve its market presence and provide better support, the company is establishing local partnerships. Through their Employer of Record (EOR) service the company helps the businesses to hire and manage international employees cost-effectively.
Business Model: How Do They Make Money?
The company monetizes on the subscription-based pricing model.
Employee subscription is USD 70/month or USD 750/year.
Employer subscriptions are starting at:
- Employer of Record (EOR): USD 79/month
- Contractor: USD 19/month
- PEO Services: USD 19/month
Challenges/Struggles: What Roadblocks Are They Facing?
Presently, Native Teams is overcoming financial challenges through the investment received in May 2024. Moreover, to deliver efficient services, the company has to struggle with adequate staff and trained employees to deal with customers from different nations.
However, Native Teams is strategically dealing with these challenges, resulting in better services and huge expansion in future.
Future Vision: What’s Next?
In May 2024, the company raised €6.275 million in a funding round. The funding was led by the Eleven Ventures, MFG Invest, Begin Capital, and Fil Rouge Capital.
Funds will be used to support the product performance and strategic expansion of the startup into India, the USA, and border regions of Asia.
With the focus on enhancing local support in India, Native Teams will be developing the platform to meet the unique needs of the Indian Market.
Key Takeaways: Why Should Users Care?
From the Native Teams, we should learn how to catch the gaps in the economy and try to fill in with our services or products. No matter how perfect the situation seems to be, there is always something missing. And your product/service can prove to be useful in that.
Pic Credits: Native Teams, Native Teams (Instagram)
