Six months have passed since Papaya Global’s last funding round, and the Israeli fintech startup is back with $100 million in Series C financing. The investment was led by GreenOaks Capital Partners and joined by IVP Ventures and Alkeon Capital, with participation from existing investors Insight Venture Partners, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Era, Workday Ventures, Access Ventures, and Group 11. The recent round brings the company’s total funds raised to $190 million and increases its market value to over a billion dollars. Papaya has officially entered the prestigious Unicorn club, which is becoming quite crowded, especially among Israeli companies, as of late.
Global payroll management
Papaya Global’s SaaS platform helps enterprises manage global payroll, benefits, and other payments for a globally distributed workforce. Let’s say your local talent pool can’t meet your standards, budget, or whatever, Papaya’s platform provides companies the power to onboard salary employees from around the world. Worried about local taxes? Papaya’s system complies with tax codes around the world, ensuring financial codes and regulations are met based on per country requirements. In addition, companies can incorporate their contracted payments to freelancers, subcontractors, suppliers, and others alike, through the platform. The Israeli company already manages payments for employees in over 140 countries around the world.
Papaya deploys AI technologies to help automate previously required manual tasks, such as paycheck reviews, data input, and employment contract reviews.
"With companies switching to remote work and compliance becoming increasingly complex, we are seeing substantial demand for Papaya's solution, even in a challenging business environment," said CEO Einat Guez. .
Papaya was founded in 2016 by CEO of the year Einat Guez, Ruben Drong, and Ofer Herman. It was just two weeks ago that Papaya’s Einat Guez won CEO of the Year at the annual GeekAwards, and immediately she backs up her status as she leads her company into the Unicorn club.
Papaya report that the newly raised capital will be used to support the growing demand for its platform, as well as expanding the company’s product offering, and expanding into new markets. The company also highlighted 300% growth in comparison to 2019.