Papaya Global, al Tel Aviv-based global payroll and payment management platform announced Tuesday that it had raised a $45 million funding round.
The Series A round was led by Insight Partners, with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital.
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The company was founded by Eynat Guez, Ruben Drong and Ofer Herman in 2016 “with a vision to reinvent the global payroll and payment industries,” a statement said.
“Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally,” said Guez.
The funding will be used to support the company’s rapid growth, invest more in scaling and automation, and launch new products to further support global companies, such as benefits management and salary benchmarks.
The company has begun to emerge as “the biggest SaaS platform capable of supporting all types of workers – from EoR to payroll, and contractors,” the statement said.
Papaya covers 100 countries and all aspects of employment, including onboarding, automation of all payroll cycles, and cross-border payments.
“Every organization knows that people are their most valuable resource, and Papaya provides a seamless and valuable tool for managing rapid workforce expansion across the globe,” said Teddie Wardi, managing director at Insight Partners.
Papaya’s platform has clients that include Israel’s Fiverr and Wix as well as the Israel-based cybersecurity firm CyberArk.
The team currently has offices in Tel Aviv, New York, San Francisco and Melbourne with plans to triple in growth.