Payroll company Papaya Global closes $40m in funding

Payroll and payment company Papaya Global has closed its latest funding round on $40m to support the launch of new products.

Scale Venture Partners served as the lead investors, with other contributions coming from Workday Ventures, Access Industries, Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11 and Dynamic Loop.

Funds from the round will be used to support its rapid growth, scale its market penetration and to launch new products. The company is releasing its HRIS solution in January 2021.

The company provides an end-to-end solution for payroll needs, including paying employees around the world and improving workforce management. The automated solution that covers onboarding through to on-going management and to cross-border payments.

Papaya Global founder Eynat Guez said, “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.”

The FinTech platform previously secured a strategic investment from Group11 in June to help it launch new products, such as benefits management, salary benchmarks and adding AI to its tools.

Papaya closed its Series A round on $45m in late 2019, with contributions coming from Insight Partners, Bessemer Venture Partners, New Era Capital Partners and Dynamic Loop Capital.

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