- Papaya Global, a global payroll and payment management platform, recently announced it closed $45 million in funding led by Insight Partners
Papaya Global — a global payroll and payment management platform — announced it closed $45 million in funding led by Insight Partners with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital.
Eynat Guez, Ruben Drong and Ofer Herman launched Papaya Global three years ago with a goal of reinventing the global payroll and payment industries. And the funding will be used for supporting the company’s rapid growth, investing more in scaling and automation, and launching new products to further support global companies like benefits management and salary benchmarks.
“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 platform currently serves clients large and small, including Kong, Rubrik, Yubico, Sonder, Fiverr, Wix, Microsoft, Teradata, CyberArk, etc. Now Papaya Global is emerging as the largest SaaS platform capable of supporting all types of workers from EoR to payroll, and contractors. And Papaya covers 100 countries and all aspects of employment ranging from onboarding to automation of all payroll cycles to cross-border payments.
The Papaya platform creates an automated process to solve the complexity of payroll data management. And it meets high 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,” added 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.”
The Papaya team currently spans Tel Aviv, New York, San Francisco, and Melbourne. And the company is planning to triple in growth year-over-year in terms of clients, revenue, and employees globally.
“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,” explained Guez.
