As everyone quickly realized during the pandemic, remote work and distributed teams are here to stay. How should startups think about managing their global payments? On today’s show, we ask Dileep about the issues with multiple payment rails, bringing on independent contractors as full-time employees, and setting up local and global entities with various forms of credit.
Dileep is the co-founder and CEO of Jeeves, a company that provides financial infrastructure for global startups. Previously, he was Co-Founder & COO at Jeeng/PowerInbox and M&A Strategy consultant at Deloitte Consulting. He graduated with an MBA from Stanford, and was part of the YC Summer Class of 20.
In this episode we discuss:
02:22 What the distributed workforce market looked like prior to COVID-19
04:33 How COVID changed the global infrastructure stack
06:16 How startups have dealt with hiring remote workers
07:14 Other challenges startups face when paying in local currencies
10:03 Navigating the input-output flow of currencies
11:43 Why most fintechs tend to focus on a single country
13:36 How Jeeves is thinking about the future of multi-faceted payments
14:22 The democratization of single payments across the world
15:53 Suggestions for founders regarding international payroll/ HR risks
18:06 Advice from Dileep as a founder
20:37 Should international employees be hired as independent contractors?
22:29 Over-correcting for success
23:36 Covering third party costs for remote teams
25:44 How should a founder think about hidden/unseen costs in the global market?
27:57 Annual losses to global transaction costs, and why there has not been a solution before
31:09 How non-US entities can benefit from working with Jeeves
33:34 Jeeves’ funding history
36:08 Taking on additional debt
37:01 The future of Jeeves in terms of new markets/product offerings
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