Payroll company Papaya Global nets $45m in funding

Papaya Global, a global payroll and payment management platform, has netted $45m in a funding round led by Insight Partners.

Additional investors included Bessemer Venture Partners and previous backers New Era Capital Partners and Dynamic Loop Capital.

Having closed the round, the company is aiming to increase its growth by investing in its scaling and automation services and launching new products such as benefits management and salary benchmarks.

The FinTech presently covers 100 countries, helping businesses with their payroll processes from onboarding to automation of payroll cycles and cross-border payments.

Papaya can integrate with all existing workforce management tools, giving real-time business intelligence and removal of errors.

Its offices currently reside in Tel Aviv, London, New York and Melbourne. The FinTech is planning on tripling its growth year-over-year in terns of clients, revenue and employees globally.

Papaya Global founder Eynat Guez said, “Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally.

“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.”

Last month, Insight Partners led the $11m Series A of AI-powered tail spend management solution Fairmarkit. The company automates enterprise procurement to save costs and time.

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