Papaya is proud to welcome leading US-based fintech VC Group 11 as our new investor and its founding partner Dovi Frances as a member of our board of directors.
The investment was carried out through the purchase of secondary stock from existing shareholders. Last October, Papaya Global raised $45 million in a Series A funding round led by Insight Partners, with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital (Sir Ronald Cohen’s private investment fund).
“Papaya is honored to bring Dovi Frances and Group 11 to our strategic team as we continue to grow in terms of clients, revenue, and employees globally,” said Papaya Global CEO Eynat Guez.
“While the COVID crisis has made payroll a huge challenge for many global companies, Papaya’s clients have utilized our automated platform to manage their global workforce unfettered,” she added.
Mr. Frances committed to helping Papaya emerge as the largest global payroll company in the world, noting that Papaya maintained its exceptional growth despite the world crisis.
“Papaya Global solves the challenges of global payroll, which has been managed manually and inefficiently until now, through full automation and a single user interface,” he said. “The Papaya Global business model reflects Group 11’s philosophy of investing in fintech companies that redefine their category by shattering and then automating old work paradigms in multi-billion-dollar markets, such as the global payroll market.
“We are proud to join this journey with Eynat Guez and her management team,” he continued. “We’re happy to join leading, strategic investors to support our vision in turning global payroll into a full financial system with the ability to support real-time management and decision-making capability.”
The Papaya Platform is utilized by globally-minded organizations such as Checkmarx, Wix, Fiverr, Microsoft, CyberArk, Teradata, and others. The platform provides an excellent user experience, gathering all employee information in one place and creating a highly visible system for tracking payroll spending. The platform ensures GDPR and SOC compliance to maintain the highest standard of security and privacy.
Papaya’s team currently spans Tel Aviv, New York and Melbourne with plans to triple in growth year-over-year, in terms of clients, revenue, and employees globally. Papaya’s technology has been recognized by Deloitte, Gartner, and Visa as disruptive in the field of global payroll and payments.