Papaya Global, the global payroll and payment management platform, today announced the close of a $45 million funding round led by Insight Partners, with participation from Bessemer Venture Partners, and existing investors New Era Capital Partners and Dynamic Loop Capital.
Papaya Global was founded three years ago by Eynat Guez, Ruben Drong and Ofer Herman, with a vision to reinvent the global payroll and payment industries. The funding will be used to support the company’s rapid growth, invest more in scaling and automation, and launch new products to further support global companies, such as benefits management and salary benchmarks.
The company has to-date raised $4.5 million so the new funding is expected to lead to rapid growth.
“Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally,” said Guez. “However, it is painfully complex to manage payroll in different countries with multiple suppliers while maintaining a grasp of the nuances of local compliance and particularly local payroll components. These pain points are experienced by companies of all sizes.”
Papaya’s platform currently serves clients both large and small including, Kong, Rubrik, Yubico, Sonder, Fiverr, Wix, Microsoft, Teradata, CyberArk and more.
After a period of hyper-growth, Papaya Global is emerging as the biggest SaaS platform capable of supporting all types of workers – from EoR to payroll, and contractors. Papaya covers 100 countries and all aspects of employment – from onboarding, to automation of all payroll cycles, to cross-border payments.
While offering an exceptional UI experience for its clients, Papaya’s platform creates an automated process to solve the complexity of payroll data management. It meets the highest privacy standards and security regulations (GDPR, ISO, SOC) and increases employee engagement within organizations.
“Every organization knows that people are their most valuable resource, and Papaya provides a seamless and valuable tool for managing rapid workforce expansion across the globe,” said Teddie Wardi, Managing Director at Insight Partners.
“We believe that in a few years, having a system like Papaya will be as common for companies as having an ERP system, and we are thrilled to be supporting this revolution,” he added.
Papaya’s team currently spans Tel Aviv, New York, San Francisco and Melbourne with plans to triple in growth year-over-year, in terms of clients, revenue, and employees globally. Papaya’s technology has been recognized by Deloitte, Gartner, and Visa as disruptive in the field of global payroll and payments.
“Papaya is extremely honored to gain the trust and support of two leading US-based venture capital firms – Insight Partners and Bessemer Venture Partners – and we look forward to the exciting years ahead,” said Guez.