Papaya Global Raises $40 million Series B Funding Round
Alex Margolin| Sep 29, 2020
At Papaya, we pride ourselves on constantly improving our leading payroll and payment platform, and on our new emphasis on global people management. Global recognition as a market innovator and a leader in the global workforce management space drew interest from some of the most prestigious investment firms across the globe.
Today, we proudly announce the close of a $40 million funding round led by Scale Venture Partners, with participation from Workday Ventures, Access Industries (via its Israeli vehicle Claltech), and all of our existing investors: Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11, and Dynamic Loop.
The new funding round comes 10 months after Papaya completed a Series A round, bringing investment in the company to a total of $95M USD.
Alongside integration with Workday, a leading enterprise HRIS solution, the new funding will be used to support the company’s rapid growth, to invest in scaling market growth, and to launch new products to further support global companies.
The tumultuous events of 2020 have demonstrated that Papaya’s total workforce solution – what we call People and Payroll – is the best way forward. The most successful companies are those that invest in technology to prepare for the future, and in their people, which are the biggest resource for any company.
“We are on a mission to define a new category of SaaS solutions for “global people management” and to continue leading the global people engagement and payroll space.
“In an effort to improve the experience of our clients’ employees, we launched a unique global equity management solution and support for contractor management. In January 2021, we will launch our new HRIS offering. A number of other exciting tools are planned for 2021.
Papaya’s unique platform supports both fast-growing clients and Fortune-ranked clients. It provides an end-to-end solution for all types of global employment (payroll, EOR, and contractors) across 140+ countries.
Rory O’Driscoll, Partner at Scale Venture Partners, said the payroll market was “long-starved for more effective software solutions.”
He added, “Papaya Global’s accelerating growth is a testament to their top-notch executive leadership as well as their ability to streamline international payroll management, a first for many enterprises that have learned to live with highly manual payroll processes.”
Eynat said she was honored by the attention and support Papaya has received and is dedicated to continue to simplify and improve how global companies manage their people and payroll.
“Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally,” Eynat said. “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 particular local payroll components. These pain points are experienced by companies of all sizes.”
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.