FinTech Global Expansion Through Multi-Jurisdictional Regulatory Solutions
Client Overview
GEOR’s client was MoneyTech LTD, a Canadian mid-sized FinTech startup headquartered in Toronto that deals with digital banking and payments. It created a digital banking platform offering the setup of multi-currency accounts, P2P transfers among clients, and embedded financial services.
After three years of successful operations in the internal market after the platform’s launch in 2021, the company is heading towards international expansion in 2025-2026, which requires more staff for handling the company’s growing operations. Therefore, the client decided to hire new staff in Europe to address the lack of local talent in cutting-edge digital banking and payments.
To handle this move, MoneyTech LTD’s Operations Director, Kate Mosley, was tasked with launching the process of establishing an EU-compliant legal entity for staff hiring. However, before embarking on this costly and lengthy task, Mosley found out about the availability of Employer of Record (EOR) services that the company can use to enjoy compliant hiring and payroll management.
To ensure smooth compliance monitoring when hiring staff across jurisdictions, the company turned to GEOR. The choice was made after considering several other options, with the client citing the transparency of our solutions and broad geographical coverage of 100+ jurisdictions as the main selection parameters.
After three years of successful operations in the internal market after the platform’s launch in 2021, the company is heading towards international expansion in 2025-2026, which requires more staff for handling the company’s growing operations. Therefore, the client decided to hire new staff in Europe to address the lack of local talent in cutting-edge digital banking and payments.
To handle this move, MoneyTech LTD’s Operations Director, Kate Mosley, was tasked with launching the process of establishing an EU-compliant legal entity for staff hiring. However, before embarking on this costly and lengthy task, Mosley found out about the availability of Employer of Record (EOR) services that the company can use to enjoy compliant hiring and payroll management.
To ensure smooth compliance monitoring when hiring staff across jurisdictions, the company turned to GEOR. The choice was made after considering several other options, with the client citing the transparency of our solutions and broad geographical coverage of 100+ jurisdictions as the main selection parameters.
Planning to hire staff internationally?
GEOR can assist you from start to finish by handling the entire spectrum of recruiting, hiring, and HR management activities on your behalf. With a legal entity in 100+ countries, we can quickly address your staffing needs with full regard to local regulations.
Problem
Modern FinTech companies operate at the intersection of banking and digital finance. They exist beyond the stringent regulatory framework for banks and other traditional financial institutions. Yet, they still need to navigate complex regulatory frameworks across multiple jurisdictions of their target operations.
International staff expansion is legally demanding, as new jurisdictions have specific compliance requirements for hiring staff. Each EU member state has its own labor laws, which differ profoundly for full-time employees and independent contractors. It is vital to ensure GDPR compliance when handling employee data and executing cross-border payments, the compliance of contracts with national and EU labor laws in terms of minimum wages, vacation and leave entitlements, worker protections, and termination conditions.
This way, the process of setting up a legal entity in a variety of EU states turned out to be too lengthy and expensive for MoneyTech LTD. The FinTech provider needed to allocate strategically important staff to staffing tasks instead of completing core business activities. Delays in staffing negatively affected the software development timeline and put the company’s competitive advantage at risk.
International staff expansion is legally demanding, as new jurisdictions have specific compliance requirements for hiring staff. Each EU member state has its own labor laws, which differ profoundly for full-time employees and independent contractors. It is vital to ensure GDPR compliance when handling employee data and executing cross-border payments, the compliance of contracts with national and EU labor laws in terms of minimum wages, vacation and leave entitlements, worker protections, and termination conditions.
This way, the process of setting up a legal entity in a variety of EU states turned out to be too lengthy and expensive for MoneyTech LTD. The FinTech provider needed to allocate strategically important staff to staffing tasks instead of completing core business activities. Delays in staffing negatively affected the software development timeline and put the company’s competitive advantage at risk.
Client’s Goal
The client came to GEOR with a requirement for a fast-turnaround team expansion with 10-15 new staff in the EU to handle the increasing workload. The salary range per employee was set at 45,000-52,000 euros for sales staff and 48,000 - 55,000 euros for software engineering staff.
Upon reviewing the complexities of regulatory compliance in the target jurisdiction for planned staffing expansion, the client realized they lacked the needed compliance knowledge and compliance monitoring software to implement the expansion without legal risks. The client turned to GEOR for end-to-end compliant hiring support, payroll management for the new staff, and the arrangement of the expansion process.
The client’s goals included:
Upon reviewing the complexities of regulatory compliance in the target jurisdiction for planned staffing expansion, the client realized they lacked the needed compliance knowledge and compliance monitoring software to implement the expansion without legal risks. The client turned to GEOR for end-to-end compliant hiring support, payroll management for the new staff, and the arrangement of the expansion process.
The client’s goals included:
- Rapid staffing expansion to new markets in compliance with local financial regulations.
- Reducing time-to-market by 75% compared to traditional entity establishment.
- Elimination of legal risks related to new staff hiring and payroll management.
- Elimination of administrative and regulatory hurdles associated with remote staff hiring, onboarding, and management.
Solution Offered by GEOR
GEOR experts analyzed the goals of the FinTech partner to offer the most optimal service solutions to meet their goals in the short-term and long-term aspects of business operations. We linked the client to our comprehensive employer of record (EOR) platform that allows quick staff hiring. Using this software, any partnering company can sign employment contracts and set up payroll and taxation arrangements with employees in 100+ jurisdictions without setting up a legal entity in those places. The platform automates the entire hiring, payroll, and employee management process and makes the hiring process fully compliant and transparent, thus offering full freedom in terms of staffing geography.
The partnership with GEOR helped MoneyTech LTD hire 15+ new staff in Poland, Hungary, and Germany to handle the company’s new projects. The new team included three sales specialists, two Operations Managers, and 10 software developers. Due to the close time zones of all new hires, one Project Manager was hired to handle the team’s day-to-day processes.
The main challenge that GEOR helped us with related to our operations’ expansion was compliant payroll. Creating a local entity and managing all accounting might turn into a real burden, and GEOR’s solutions are invaluable in this regard. The Advanced package that includes recruitment, payroll, and employee management made all processes way smoother for us.
The partnership with GEOR helped MoneyTech LTD hire 15+ new staff in Poland, Hungary, and Germany to handle the company’s new projects. The new team included three sales specialists, two Operations Managers, and 10 software developers. Due to the close time zones of all new hires, one Project Manager was hired to handle the team’s day-to-day processes.
The main challenge that GEOR helped us with related to our operations’ expansion was compliant payroll. Creating a local entity and managing all accounting might turn into a real burden, and GEOR’s solutions are invaluable in this regard. The Advanced package that includes recruitment, payroll, and employee management made all processes way smoother for us.
Conclusion
Following a thorough analysis of the EU regulatory environment in relation to recruitment, GEOR enabled the client to expand rapidly in terms of compliant recruitment of technical staff in new jurisdictions. Eliminating the need to establish a legal entity in every new jurisdiction reduced the time-to-market turnaround for the FinTech company by 75%.
As a result of partnering with GEOR, the Canadian FinTech partner thus received an opportunity for hassle-free scaling of its team and the expansion of FinTech services provision without expensive and time-demanding legal compliance procedures. This change enabled the client to focus on the core product development tasks and contingent staffing needs instead of allocating a large portion of the company’s human resources to administrative and legal tasks related to international staffing.
As a result of partnering with GEOR, the Canadian FinTech partner thus received an opportunity for hassle-free scaling of its team and the expansion of FinTech services provision without expensive and time-demanding legal compliance procedures. This change enabled the client to focus on the core product development tasks and contingent staffing needs instead of allocating a large portion of the company’s human resources to administrative and legal tasks related to international staffing.
Time-to-market turnaround
Reduced by 75%
Automated compliance management
Adherence to financial regulations in 100+ jurisdictions
Technical team expansion
Rapid expansion with turnaround up to 4-6 weeks
Start Hiring Globally
With GEOR's services, you can onboard IT talent anywhere in the world and manage payroll locally while we handle all legal compliance.
With GEOR's services, you can onboard IT talent anywhere in the world and manage payroll locally while we handle all legal compliance.
Alexandra Krasnovskaya
Business development manager