Papaya Global receives strategic investment from Group11

Global payroll and payment platform Papaya Global has received a strategic investment from Group11.

The investment was completed through the purchase of secondary stock from existing shareholders.

Last year, Papaya completed a $45m Series A funding round led by Insight Partners. Additional contributions came from Bessemer Venture Partners New Era Capital Partners and Dynamic Loop Capital.

With the close of the fresh funding, the FinTech is looking to launch new products such as benefits management, salary benchmarks and adding AI to its tools.

The company stated that while the coronavirus has exposed vulnerabilities with how companies manage their global payroll, its clients have been able to easily manage their workforce, it claims.

Papaya helps businesses of all sized to improve their workforce management, payroll and employee payments whether in the world they are. The automated end-to-end solution that covers onboarding through to on-going management and to cross-border payments.

Papaya Global founder Eynat Guez said, “Global Payroll is an exciting industry that is relevant to each one of us as employees and to any organization and industry, especially those planning global expansion.

“At the same time, the global payroll process is extremely complicated. It requires working with multiple local suppliers, sorting through all types of reporting styles, and dealing with the nuances of local compliance. Most organizations, big and small, still manage payroll manually, requiring payroll managers to work five times harder when calculating the salary of a global employee.”

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