The pandemic has fundamentally reshaped where and how we work. As one entrepreneur and member of Forbes’ Technology Council puts it, “the distributed workforce is here to stay.”
But with a distributed workforce comes a host of operational and legal headaches, from dealing with an increasingly complicated payroll to ensuring tax compliance. While a large company might be able to absorb the time and costs required to deal with this admin, smaller startups and scaleups might not have sufficient internal resources.
Enter South Florida startup myBasePay, which offers a back-office solution to help staffing firms, recruiters, and corporations manage contingent workforces. Co-founders Cesar Jimenez and Jahn Karsybaev, CEO and CTO respectively, founded the startup in 2020. With 25 years’ experience in the industry, Jimenez is a technical recruiting expert, having founded his own IT-focused staffing company based in South Florida. Karsybaev is an experienced CTO, having worked as a contractor at big firms such as BankUnited and Citrix, as well as having launched a handful of startups in Asia and the US.
“What we encountered on the staffing side was that there was not a comprehensive platform that really provided everything in one place from A to Z, meaning from the moment a job requisition is posted all the way through interview process to onboarding, benefits, and then weekly or monthly timesheet administration,” Karsybaev explained to Refresh Miami. “We realized the need and decided to build that platform.”
BMI Financial pledges up to $60M in funding
BMI Financial Group, a multi-national financial conglomerate, has pledged up to $60 million to help myBasePay achieve this mission. According to Karsybaev, half this private equity funding will go toward one of myBasePay’s core features: paying workers on a weekly or monthly basis, and collecting the funds from the employer within a 45- or 60-day timeframe. “This payroll funding requires almost unlimited funding to be able to support volumes of any size in terms of invoice processing,” noted Karsybaev, explaining the role of BMI’s credit line.
The other half of the funding will go toward further building out the technology underpinning the platform, including developing artificial intelligence algorithms, and business development initiatives. The founders were introduced to BMI through their general council.
Karsybaev called the process of securing BMI’s investment “unbelievably short, efficient, and smooth.” This stands in stark contrast to previous funding rounds the serial entrepreneur has gone through, some of which he characterized as “a brutal process” that were “very lengthy.”
16-person team could double next year
Originally hailing from Kazakhstan, Karsybaev first came to the US to study at the University of Montana, which then led him to study at Harvard. He is currently based in Fort Lauderdale and has lived in South Florida since 2003. myBasePay, as you might expect, is globally distributed – but co-founder Jimenez lives in Davie.
“2022 is going to be the year of growth,” said Karsybaev. He hopes to double the currently 16-person team next year and plans to be hiring across all roles, from developers to marketing and business development professionals. (Some members of the team are pictured at the top of this post)
Overall, Karsybaev is optimistic about the future of work, and myBasePay’s role in it. “I think the pandemic has been a blessing in disguise in terms of being able to open up the opportunities for workers on a global scale. We have proven that companies can operate effectively virtually.”
He continued: “I’m very excited for that trend to continue, and also for us to be able to let staffing firms focus on what they do best – find the right talent for the matching organization – and not worry about the back-office functions.”