Israeli startup Papaya Global announced on Saturday that it has raised a $250 million Series D round, more than tripling its valuation to $3.7 billion, just six months after securing $100 million in a Series C funding.
This latest financing round for the Tel Aviv cloud-based payroll and payment management platform was co-led by existing investor Insight Partners and new investor Tiger Global, along with participation from Bessemer Ventures, IVP, Alkeon Capital, Workday Ventures, Access Industries, and Group 11.
This brings ther company’s total funding to date to $440 million.
Papaya Global was founded by Eynat Guez, Ruben Drong, and Ofer Herman in 2016 with a vision to reinvent the global payroll, payment, and HR industries. Papaya offers an automated, cloud-based SaaS platform that provides a comprehensive solution – from onboarding to on-going management and cross-border payments – and that meets privacy standards and security regulations (GDPR, ISO, SOC). Papaya says its services are used in over 140 countries. It has teams in Israel, Austarlia, Ukraine, the United States, and the United Kingdom.
“2021 is a breakthrough year for Papaya,” said Papaya Global co-founder and CEO Eynat Guez. “We set a new standard for global payroll management by introducing our “Total Payroll” offering, a technology solution for managing all global payroll activities through a single panel, including equity and benefits. This latest round of funding, which follows our Series C only six months ago, will allow Papaya to continue its hyper-growth as we expand globally.”
“Papaya is redefining the global people management category with its best-in-field technology and superior customer experience, supporting needs in compliance, benefits, and labor law globally. Its seamless platform supporting all employment options (payroll, EoR, and contractors), employee engagement, payroll, and global payments makes it a stand out,” said Teddi Wardi, managing director at Insight Partners. “We’re thrilled to continue our partnership with Papaya and watch them grow.”