Payroll Management Firm Papaya Global Notches $40M In Series B
The company said Access Industries (through its Israeli vehicle Claltech), Workday Ventures and “all of our existing investors” participated in the round, according to the post.
Papaya’s existing investors include Bessemer Ventures Partners, Insight Venture Partners, Group 11, New Era Ventures and Dynamic Loop.
Scale Venture Partners Partner Rory O’Driscoll said in the post that the payroll market was “long-starved for more effective software solutions.”
“Papaya Global’s accelerating growth is a testament to their top-notch executive leadership as well as their ability to streamline international payroll management, a first for many enterprises that have learned to live with highly manual payroll processes,” he said.
Along with a connection with Workday, the funds will be harnessed to back the firm’s quick expansion, roll out new offerings, and to “invest in scaling market growth,” according to the announcement.
The company’s technology helps large companies and those customers who are “fast-growing,” according to the announcement. It offers assistance for all kinds of employment ranging from contractors to payroll and EOR throughout 140+ nations.
Papaya’s new funding round occurs 10 months after the company finished a Series A round.
In June, Papaya Global announced that Group 11 was a new investor in the firm.
Group 11 Founding Partner Dovi Frances said the company’s model was successful in rethinking the stagnant models of past years, which are too often geared towards payments based on paper that could be revamped with virtual means.
“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,” Frances said in a past release.
At the time, it was also noted that Frances would become a part of the firm’s board of directors.