Ontop, the brainchild of Julian Torres and Santiago Aparicio, emerged as one of Forbes' 30 Promising Startups in 2021, just six months after its inception. Today, headquartered in the United States and a proud member of the Endeavor network, Ontop boasts a workforce spanning 25 countries, comprising over 270 employees.

In a mere eight months since its establishment in July 2020, Ontop secured a coveted spot among Forbes Colombia's 30 Business Promises, an annual roster spotlighting ventures poised for short and medium-term growth.

Born amidst the pandemic, Ontop set out with a mission to transcend geographical boundaries in remote hiring—a mission gaining momentum as remote work surged due to global COVID-19 containment measures. At the time, a PYMNTS study revealed that 63% of internationally hiring companies were keen on innovating payment methods for their employees. Recognizing an opportunity to streamline hiring and payroll management, Ontop's software facilitated direct deposits to workers' bank accounts, reducing time and bureaucratic hurdles.

With a modest start of 14 employees operating primarily in Bogota, founders Santiago Aparicio and Julian Torres witnessed rapid expansion fueled by the remote work boom. In under nine months, Ontop secured investment from leading firms including H20 Capital, Clocktower Ventures, and YCombinator.

Reflecting on their journey, COO Julian Torres recounts a pivotal moment in mid-2022 when Ontop gained admission to the esteemed Endeavor entrepreneurship network. "Securing entry into Endeavor is among the most prestigious recognitions for an entrepreneur. Yet, the true excitement lies in the privilege of accessing the world's finest mentors and experts to transition from a startup to a consolidated enterprise."

Endeavor's mission to foster high-impact ventures catalyzing regional economic transformation prompted Ontop to venture into the U.S. market, relocating operations several years ago. Torres emphasizes the significance of building a robust sales and marketing team with regional expertise, crediting YCombinator, Endeavor, and allies like J.P. Morgan for facilitating crucial ecosystem connections.

In their initial two years (2020-2022), Ontop secured a $20 million Series A funding round with participation from Softbank, Tiger Global, and other investment funds. They've raised $35 million and witnessed a 16x growth. Additionally, the launch of the Ontop Card in collaboration with Visa offers remote workers easier access to payroll payments. Strengthening its business model, Ontop now assists clients in hiring employees across over 100 countries.

Their early adopters included Colombian startups like Rappi, Truora, Laika, and Ayenda Hoteles. Today, multinational corporations including Femsa, ABInbev, AIESEC, LaHaus, and PwC constitute their clientele. As their user base expands, so does their team—from 14 to 270 employees spanning 25 countries in four years.

For Torres, the shift towards recruiting senior profiles marks a significant evolution, aligning with the business's trajectory towards profitability and long-term sustainability.

Foundational Growth

Prior to spearheading Ontop's exponential growth trajectory, Santiago and Julian weathered the storm of a failed venture—Fitpal. Conceived in 2015, Fitpal aimed to revolutionize fitness access through a monthly membership granting users entry to over 700 gyms and physical centers across 27 cities nationwide. Despite leveraging artificial intelligence algorithms to encourage exercise, securing capital proved challenging. With the onset of the pandemic in 2020, Fitpal ceased operations.

Drawing from their Fitpal experience, Santiago and Julian embarked on Ontop's journey. Torres recalls the pivotal shift from skepticism towards remote work to staunch advocacy. "In 2019, remote or flexible work wasn't an option at Fitpal. Whenever we attempted remote work, it felt like a vacation for employees, lacking the discipline and productivity of traditional setups."

Forced to adopt remote work amidst the pandemic, they explored its nuances and uncovered untapped potential, laying the groundwork for Ontop's inception.

Today, Ontop stands as a testament to remote-first ethos, poised to expand into Asian and European markets in 2024. "We realized the lack of essential communication, documentation, and control tools hindered our prior remote work endeavors. Remote work demands meticulous planning," Torres concludes.

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