Remote, which provides a platform that enables client companies to onboard, pay and manage both contractors and full-time employees on distributed teams, announced a $150 million Series B funding round. The deal valued the New York-based company at more than $1 billion.

The round will accelerate Remote’s global expansion, according to the company. It plans to be in 80 countries by the end of this year.

“Our goal is to remove the barriers to hiring internationally, empower our customers to scale, and provide access to job opportunities all over the world,” said Job van der Voort, CEO of Remote.

Leading the funding round was venture capital firm Accel, with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst and Day One Ventures.

Remote operates as an employer of record among other services; it owns 100% of its global infrastructure and has legal entities in more than 50 countries.

“The traditional global payroll model involves aggregating regional payroll bureaus and applying a thin software layer on top to tie together reporting and tax documents — onboarding a new hire takes weeks and your employees are subject to the service outages and customer support shortcomings of the local third-party firm,” according to a blog post by Accel. “In contrast, Remote fully owns legal entities and banking infrastructure in more than 50 countries, with near-term line of sight to over 100.”

Remote also announced a global employee API to enable HR and payroll companies to use Remote’s global employment structuring within their own platforms. One user of the new API is Rippling, an employee management platform.

The company said it has expanded its team to 220 in 47 countries on six continents from 50 since its last funding round in November 2020.