NEW YORK, June 1, 2020 /PRNewswire/ -- Papaya Global, a leading global payroll and payment platform, is proud to announce today that Group 11, a leading, US-based fintech VC led by Dovi Frances, has joined the company's investors. 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). Dovi Frances will join the company's board of directors.
Papaya Global was founded by Eynat Guez, Ofer Herman, and Ruben Drong with the goal of reinventing global payroll. The current funding will go towards scaling the company's hypergrowth, launching new products to further support global companies (such as benefits management, salary benchmarks, and adding artificial intelligence to global payroll), and tracking the ever-changing labor laws around the world.
"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," said Eynat Guez. "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."
The recent COVID-19 pandemic exposed deep vulnerabilities in how global companies manage their global payroll: their dependence on local suppliers, lack of access to employee information (which is managed by the local companies), and inability to stay on top of local labor laws, which changed frequently throughout the pandemic.
Meanwhile, Papaya customers have enjoyed the unfettered ability to manage their global workforce and make quick financial decisions in real time.
The Papaya Platform is utilized by globally-minded small and medium-sized businesses (SMBs) as well as large global organizations such as Checkmarx, Wix, Fiverr, Microsoft, CyberArk, Teradata, and others.
After a period of exceptional growth, Papaya Global is now the largest cloud-based, SaaS platform providing a total workforce management, payroll, and payment solution supporting all types of global workers (payroll, EoR, and contractors) in over 100 countries. The automated platform provides an end-to-end solution, from onboarding to on-going management to cross-border payments.
The Papaya 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 Global solves the challenges of global payroll, which has been managed manually and inefficiently until now, through full automation and a single user interface. The Papaya Global business model reflects Group 11's philosophy of investing in fintech companies that redefine their category by shattering and automating old work paradigms in multi-billion dollar markets, such as the global payroll market," says Dovi Frances, founding partner of Group 11.
"We are proud to join this journey with Eynat Guez and her management team and commit to making Papaya Global the largest global payroll company in the world. In spite of the world crisis, Papaya has maintained its exceptional growth. 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."
Papaya's team currently spans across offices in Tel Aviv, New York, San Francisco, and Melbourne with plans to triple its growth this year in terms of clients, revenues, and employees globally. Papaya's technology has been recognized by Deloitte, Gartner, and Visa as disruptive in the field of global payroll and payments.
About Group 11:
Group 11 invests in revolutionary software companies that are redrawing the landscape of the financial services industry. As fintech continues to gain momentum and to disrupt the traditional industry value chain, Group 11 has positioned itself as a partner of choice to provide capital and guidance to entrepreneurs that are creating the world's next generation of financial services industry leaders. To learn more about Group 11, visit www.group11.vc
About Papaya Global
Papaya Global provides enterprise with a global, cloud-based SaaS platform to automate payroll and workforce management, an EOR solution to hire workers in over 100 countries, and innovative technology to streamline the payroll process, eliminate errors, and save operating costs. The system gathers all employee information into one place, creating a highly visible system, all backed by local and global experts to ensure compliance with local laws and benchmarks. See papayaglobal.com
SOURCE Papaya Global