myBasePay

The firm positions itself as a back-office solution designed to manage the complexities of a distributed and contingent workforce. Its core business revolves around assuming the administrative and legal responsibilities of employment, allowing clients to focus on recruitment and business growth. The business generates revenue by providing a suite of services that includes payroll processing, benefits administration, onboarding, legal and tax compliance, and funding solutions across all 50 U.S. states and over 60 countries. This model is designed to mitigate risks for clients, such as worker misclassification and co-employment liabilities, by acting as the legal employer for the contingent talent.

myBasePay's service is delivered through a proprietary, AI-powered technology platform that integrates the entire contractor lifecycle, from job requisition to final payment. A key feature is its payroll funding model, which offers an upfront profit structure, enabling staffing firms to pay their contractors and receive their own profits within the same week, thereby addressing common cash flow challenges in the industry. The platform is designed for rapid onboarding, aiming to get contractors working within an average of five days through a streamlined digital process. For the contingent workers themselves, myBasePay offers access to competitive benefits, including health insurance with monthly copay options and PTO eligibility, which helps clients attract and retain top talent. The company secured up to $60 million in a private equity funding round in September 2021, led by BMI Financial Group, to expand its market reach. Keywords: Employer of Record, EOR, Agent of Record, AOR, contingent workforce management, staffing firm solutions, global payroll, contractor management, back-office HR, direct sourcing, HR compliance, worker classification, payroll funding, contingent talent solutions, benefits administration for contractors, international recruitment, workforce compliance, talent acquisition technology, freelance management system, distributed workforce payroll