Cross-border hires fuel Glints’ 85% increase in revenue (Update)

Glints office / Photo credit: Glints

Singapore-based Glints, a career discovery and development platform, said it registered “record-high” revenues in the 2022 financial year, landing at S$45.4 million (US$33.4 million). That was an 85% increase compared to the previous financial year, which came amid growing demand for cross-border talent.

Oswald Yeo, co-founder and CEO of Glints, said in a statement that companies are increasingly shifting to a “borderless mindset,” in which they scout for talent outside their headquarters.

A spokesperson for the company told Tech in Asia that Glints has seen strong demand for cross-border hires from firms in Singapore, Hong Kong, Japan, and China. The demand stems from several factors, including talent scarcity, high costs, and belt-tightening measures by some companies.

“In Singapore for example, we are seeing a growing trend where companies are building regionally distributed teams that complement the core,” the spokesperson said. This entails recruiting developers from countries like Indonesia and Vietnam as well as customer support and back-end teams from the Philippines.

Hong Kong employers have also taken a greater interest in hiring talent from Southeast Asia and Taiwan. Chinese firms, meanwhile, have been hiring in Southeast Asia as they expand their businesses into the region.

Despite the stellar revenue increase, the company’s expenses grew 71% to US$16.4 million in FY 2022, while cost of sales were up 74% to US$22.1 million. However, Glints said its topline and gross profit growth have outpaced its expenses.

“We have also invested in R&D, our talent platform, and market expansion in Australia, Japan, and China to meet our cross border demand,” the company said.

The company said it logged a 110% surge in gross profits within the same timeframe to US$11.3 million. Additionally, its two biggest markets – Indonesia and Vietnam – hit operational profitability.

However, Glints still has some ways to go to hit full business profitability, the filings showed. The company recorded US$16.8 million in losses for the year, up 78.7% from the previous year.

“Cost savings and efficiency will remain top of mind as companies navigate the downturn, particularly as macros remain uncertain outside of AI-led recovery,” Yeo said. “These shifts have enabled us to drive our sustainable growth further.”

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Glints said it will continue investing in R&D and product innovation. One upcoming feature is a Chat to Apply tool, which allows job hunters to engage in real time with hiring managers.

The company will also double down on its cross-border businesses, focusing on the SME and enterprise segments, the spokesperson added.