Choosing an Employer of Record (EOR) can be more complicated for financial services companies. Beyond country coverage and pricing, they must consider data security, regulatory requirements, and the risks of international hiring.
While an EOR primarily handles employee data, financial services companies often work with highly sensitive client information. Bringing on an EOR may require additional security reviews and vendor due diligence. Companies also need to consider whether their international hiring arrangements could create risks involving client data or regulated activities.
In this article, we'll compare nine EORs, focusing on the factors that matter most to financial services companies.
What Should Financial Services Companies Look for in an EOR?
Financial services companies face strict security and regulatory requirements, so choosing an EOR involves more than comparing standard features and pricing. Here are the key factors to consider.
Financial Services Experience
An EOR that's previously worked with financial services companies is likely better prepared for the industry's security requirements, vendor reviews, and regulatory considerations.
Start by reviewing the EOR's website for customer case studies or other evidence of experience working with financial services companies. When speaking with sales, ask for references from similar customers and examples of how the provider has handled security assessments, vendor reviews, and industry-specific requirements.
Security and Data Protection
Confirm whether the EOR meets recognized security standards, such as SOC 2 and ISO 27001. Both provide independent verification of a company's security practices, although they assess them differently.
Make sure the reports and certifications apply to the EOR itself, not just the cloud provider hosting its platform. For SOC 2, ask whether the report is Type II and check the audit period. During vendor reviews, companies should also request relevant documentation, such as penetration testing summaries, data processing agreements, and lists of subprocessors.
Other security measures to look for include encryption, single sign-on (SSO), multi-factor authentication, role-based access controls, and GDPR compliance.
If the EOR works with local partners, ask how those partners are vetted, what systems and information they can access, and how the EOR oversees their security practices.
Local Expertise and Regulatory Requirements
Financial services companies need an EOR that understands the local employment laws in the countries where they plan to hire, as well as the additional scrutiny that comes with operating in a regulated industry.
Ask how the EOR supports financial services clients in those markets, whether it works through its own entities or local partners, and how it handles situations where employment requirements overlap with industry-specific regulations.
Keep in mind that an EOR is responsible for local employment compliance, not the financial services regulations that apply to its clients. Companies remain responsible for meeting those requirements when operating internationally.
Support as the Company Scales
A fintech's international hiring needs can change as the business grows. It may start with a handful of employees in one country, then build larger teams across multiple markets.
Look for an EOR that can support that growth without requiring the company to switch providers. This includes converting contractors to employees, supporting larger international teams, and helping transfer employees to a local entity if the company eventually decides to establish one.
Ask what those transitions involve, how long they typically take, and whether additional fees apply.
Pricing and Additional Fees
EOR pricing isn't always as straightforward as the advertised monthly rate. Depending on the provider, there may be additional charges for setup, onboarding, offboarding, currency conversion, benefits administration, or visa support.
Ask for a complete quote that includes any required deposits and additional fees. That makes it easier to compare each provider’s true costs, not just its starting price.
With those factors in mind, let's take a closer look at nine EOR providers and how they compare for financial services companies.
9 Best Employer of Record Providers for Financial Services Companies
1. Deel
Best for: Fast-scaling fintechs that want EOR, contractors, and HR in one platform
Deel combines international employment services with a broader HR and payroll platform. It also holds several security certifications, including SOC 1 Type II, SOC 2 Type II, ISO 27001, ISO 27701, and ISO 42001.
Key strengths:
- Financial services experience: Deel has worked with financial services companies, including Revolut.
- Security documentation: Certificates are available through Deel’s trust center, with SOC reports available on request.
- Integrated HR platform: EOR, contractor management, U.S. PEO, immigration, and other HR services are available through one platform.
Considerations:
- Some security documents, including SOC reports, require an access request as opposed to being publicly downloadable.
- Deel is involved in ongoing litigation with competitor Rippling over allegations of corporate espionage. Deel denies the allegations and has filed counterclaims.
2. Papaya Global
Best for: Larger fintechs that want payroll payments handled by a regulated payments provider
Papaya Global combines EOR services with regulated payroll payments through Azimo, its licensed payments arm. Azimo holds payment licenses in the U.K., the European Economic Area, Australia, Canada, and Hong Kong.
Key strengths:
- Regulated payments: Customer funds sit in dedicated customer accounts with AML screening and payment fraud checks.
- Financial controls assurance: Papaya holds a SOC 1 Type II report covering controls that can affect clients' financial statements, alongside SOC 2 Type II, ISO 27001, and ISO 27701.
- Access controls: Encryption, single sign-on, user permissions, and approval chains for payroll and payments.
Considerations:
- Papaya's regulated payment services operate through Azimo, whose licenses cover specific jurisdictions rather than every country where Papaya offers EOR services.
3. Multiplier
Best for: Fintechs building teams across Asia-Pacific
Multiplier supports international hiring in 150+ countries through its network of owned local entities. Its customers include fintech companies and international payment providers.
Key strengths:
- Financial services experience: Helped Aspire, an Asian fintech company, onboard more than 80 employees across the Asia-Pacific region.
- Security certifications: SOC 2 Type I and Type II, a public SOC 3 report, ISO 27001:2022, and GDPR compliance.
Considerations:
- EOR engagements require a security deposit before Multiplier executes the employee's employment contract. Deposits are generally refunded within 60 days of the employee's last working day, subject to outstanding payments or disputes.
- Companies with fixed-term agreements generally can't cancel before the contract ends. Pay-as-you-go customers must give 60 days' written notice to end their EOR services.
4. G-P
Best for: Enterprises with strict security requirements and complex international hiring needs
G-P supports international employment through its network of owned local entities. It also offers Gia, an AI-powered HR compliance product, alongside its EOR services.
Key strengths:
- Security certifications and documentation: SOC 2 Type II, ISO 27001, ISO 27017, and ISO 27018, with audit reports and certificates available through G-P's security portal.
- Wide coverage: EOR services in 180+ countries.
- AI governance: ISO 42001 certification provides additional assurance around how G-P manages AI-related risks. Its 2026 SOC 2 Type II report also covers Gia.
Considerations:
- G-P Gia is a separate product from its EOR service and requires an additional purchase.
5. RemoFirst
Best for: Cost-conscious fintechs with strict security and vendor compliance requirements
RemoFirst combines affordable international employment with the security standards and vendor review support financial services companies need. It helps companies employ people in 185+ countries, convert contractors to employees, and obtain visas and work permits in 110+ countries.
Key strengths:
- Security: SOC 2 Type II and ISO 27001 certified and GDPR compliant, with support for security questionnaires, data processing agreements, and vendor assessments.
- Transparent, flat pricing: EOR services start at USD 199 per employee per month, with no setup, onboarding, or termination fees. There are no annual contracts or minimum headcount requirements.
- Industry recognition: Named a Leader in NelsonHall's 2025 and 2026 Global EOR Services NEAT assessment.
Considerations:
- RemoFirst operates through a network of vetted local partners rather than its own legal entities.
- RemoFirst's integration library is still growing, with fewer native integrations than some of the larger EOR platforms on this list.
6. Remote
Best for: Fintechs that want owned-entity infrastructure and IP protection in core markets
Remote employs workers through its own legal entities rather than local employment partners. This may appeal to financial services companies that prefer a more direct EOR model when evaluating third-party vendors and their security practices.
Key strengths:
- Security documentation: Remote provides access to its ISO 27001 certificate and penetration test summary, with its latest SOC 2 Type II report available on request.
- IP protection: Remote IP Guard uses a two-step transfer process to help protect intellectual property.
- Entity setup support: Remote can help companies set up their own legal entities when they're ready to move away from an EOR arrangement.
Considerations:
- EOR services are available in 90+ countries, fewer than most other providers on this list.
- EOR pricing starts at USD 699 per employee/month, making Remote one of the most expensive providers on this list.
7. Oyster
Best for: Fintechs looking for predictable EOR costs and support as their teams grow
Oyster provides international employment and contractor management services. Financial technology company Brex is among the customers featured on its website, although Oyster doesn't specify which services it provides to Brex.
Key strengths:
- Security documentation: Oyster holds a SOC 2 Type II report, available through its security dashboard.
- Inclusive pricing: Setup, onboarding, HR expert access, and terminations are included in the subscription price.
- Contractor conversion: Oyster offers a dedicated program for transitioning international contractors to full-time employment.
Considerations:
- EOR services are available in 120+ countries, fewer than several other providers on this list.
- Oyster requires a refundable deposit when hiring employees through its EOR service.
8. Rivermate
Best for: Small and mid-sized fintechs that prioritize personalized support
Rivermate offers EOR services in 180+ countries, with 24/7 support through Slack, WhatsApp, email, and phone. Customers also receive a dedicated account manager.
Key strengths:
- Transparent pricing: EOR services range from USD 319 to USD 639 per employee/month.
- Local infrastructure: Rivermate operates 38 owned entities alongside a network of local partners.
Considerations:
- Rivermate's security page cites AWS's SOC 2 Type II and ISO 27001 credentials, rather than providing evidence of equivalent certifications held by Rivermate itself.
9. Atlas HXM
Best for: Financial services companies that prefer an EOR with owned local entities
Atlas HXM provides EOR services in 160+ countries through its direct employment model, rather than relying on third-party employment partners. Its financial services customers include Moniepoint, a payments and banking platform that used Atlas to hire in eight countries.
Key strengths:
- Security certifications: Atlas lists ISO 27001, ISO 27017, and ISO 27018 certifications.
- Dedicated support: Customers have access to dedicated account managers and in-house local HR and legal experts.
- Industry recognition: Named a Leader in NelsonHall's 2026 Global EOR Services NEAT assessment.
Considerations:
- Atlas offers volume-based discounts for larger international teams, with pricing depending on the number of employees and countries involved.
Employ Financial Services Talent Globally With RemoFirst
For financial services companies, choosing an EOR involves more than comparing pricing and country coverage. The provider also must meet strict security standards, understand the challenges of working with regulated businesses, and be prepared for the additional scrutiny that comes with financial services vendor reviews.
RemoFirst helps fintech and financial services companies employ people in 185+ countries without establishing local entities. We handle local employment requirements while supporting the security questionnaires, data processing agreements, and vendor assessments that financial services companies may need to complete before working with a new provider.
And with transparent pricing starting at USD 199 per employee per month, companies don't have to choose between meeting their security expectations and keeping international employment costs under control.
Ready to discuss your international hiring plans? Book a demo to see how RemoFirst can support your business.
