Papaya Global
 | |
| Industry | Technology |
|---|---|
| Founded | 2016 |
| Founder |
|
| Headquarters | New York, USA |
Key people | Eynat Guez (CEO) |
| Services | Global payroll, Workforce management, Cross-border payments, Employer of Record (EOR), Contractor management, Global benefits and immigration services, Equity management |
Number of employees | 700+ (2023) |
| Website | papayaglobal |
Papaya Global is a Fintech SaaScompany that specializes in global workforce payroll and payments.[1][2] The company was founded in 2016 by Eynat Guez, Ruben Drong, and Ofer Herman. Eynat Guez is theCEO and has been since the company was established. The company gained unicorn status (more than $1B in valuation) in 2021.[3]
History
Papaya Global was founded in 2016, by Eynat Guez, Ruben Drong, and Ofer Herman. The company raised $1.5 million in June 2016.[4][1][5]
In November 2019, the company raised $45 million in a Series A funding round led by Insight Partners and Bessemer Venture Partners.[4]
In September 2020, Papaya Global secured an additional $40 million in Series B funding, led by Scale Venture Partners and Workday Ventures. This investment aimed at further developing the company's technology and expanding its market reach.[6]
The following year, in March 2021, Papaya Global raised $100 million in a Series C funding round led by GreenOaks Capital Partners, with participation from IVP and Alkeon. This round valued the company at over $1 billion.[3][7]
In September 2021, Papaya Global raised $250 million in Series D funding, bringing the company's valuation to $3.7 billion.[1] This round was led by Insight Partners and Tiger Global Management and supported the continued expansion of Papaya Global's services and the scaling of its global operations.[8]
Since 2021, the company has been named to Forbes' Cloud 100 list for three consecutive years, ranking it among the leading SaaS companies in global workforce management.[2]
In March 2022, Papaya Global acquired Azimo. The acquisition, announced in March 2022, provided Papaya Global with licenses for payment services in multiple regions, including the UK, the Netherlands, Canada, Australia, and Hong Kong.[9][10]
In March 2023, the company underwent a rebranding, and in 2024 it launched the Super Bowl Campaign under the tagline “Small Balls. Big Game.” It was an unexpected move by a B2B tech company to advertise in a mostly B2C arena like the Super Bowl. The ad launched Papaya as a payments company and was supported by parallel and digital campaigns.[11]
Awards
- Forbes Cloud 100 (three consecutive years)[2]
- NelsonHall – Industry Leader in the 2023 EOR Report[12]
- TIME100 – Most Influential Companies of 2023[1]
- Fast Company – Most Innovative Companies 2023 & 2024[13]
- Brandon Hall Award – Best Advance in Unique HR and Workforce Management Technology, 2022
- SMBTech 50 Honorees – 2023
- CNBC – Top Startups for the Enterprise, 2022[14]
- Inc. – Power Partner Awards, 2022
- Fintech Magazine – Top 10 Founder-CEOs, 2022
- Fortune Magazine – The 15 Most Powerful Women in Startups, 2022[15]
- Global Payroll Association – Automation and Integration Award
- HR Tech Awards – Best Innovative or Emerging Tech Solution in Core HR/Workforce (2023), Best Global Solution, and Best Comprehensive Solution in Core HR/Workforce (2024)
- FXC Intelligence – Named to FXC Intelligence's Top 100 Cross-Border Payments Companies, 2024
- The Peres Center for Peace & Innovation – Part of Israel's Innovation Dream Team
- FinTech Breakthrough – Best B2B Payments Product (B2B Payment Category)
- The Innovators 2024 – Best Corporate Banking Innovations for Payroll Innovation
- Power in Diversity Israel – One of Israel's Top 10 Most Diverse Startups
- SuiteCloud – International Partner of the Year, 2023
Activities
Papaya Global solutions include workforce management, payroll, and cross-border payroll payments, enabling international transactions for payroll and other business payments. The company's global payroll and payments platform enables clients to manage payroll across 160 countries, in compliance with local laws and regulations. Papaya Global also provides Employer of Record (EOR) services, enabling companies to hire employees globally without needing a local entity, and managing all HR tasks and legal compliance.[1]
Papaya Global also offers contractor management solutions for managing and paying contractors worldwide. The platform provides global benefits and immigration, managing employee benefits and supporting immigration procedures across different countries. Equity management services help companies manage their equity plans globally. Papaya Global's Workforce OS SaaS allows managing global payroll and payments with a technology that syncs data in real time.[16][17][18][19]
Operations
Papaya Global is headquartered in New York, USA, with additional offices in Hong Kong, Herzliya (Israel), London, Austin (USA), Krakow, Melbourne, India, Singapore, and Barcelona. As of 2023, the company employs over 750 people across these locations.[2]
Papaya Global works in large markets, with a primary focus on the United States. Clients include Shopify, Zscaler, Ritz-Carlton, Mobileye, Fiverr, Toyota, Acer, Wix, Sentinelone, GD, Yubico, Teachforamerica, Arm, and Ineos.[1][7]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Steinberg, Don (2023-06-21). "TIME100 Most Influential Companies 2023: PAPAYA Global". Time. Retrieved 9 September 2024.
- ↑ 2.0 2.1 2.2 2.3 "PAPAYA Global | Company Overview & News". Forbes. Retrieved 9 September 2024.
- ↑ 3.0 3.1 Shen, Lucinda (September 11, 2021). "Unicorn startup PAPAYA Global nearly quadruples its valuation, eyes an IPO". Fortune. Retrieved 9 September 2024.
- ↑ 4.0 4.1 Orbach, Meir (2020-06-01). "Group 11 Joins PAPAYA Global as a Strategic Investor". CTECH - www.calcalistech.com. Retrieved 9 September 2024.
- ↑ Tovim, Idan Ben (9 March 2021). "CEO of the Year: Papaya's Einat Guez talks gambling on remote work, SPACs, and women in tech". geektime.com. Archived from the original on 2021-03-10. Retrieved 9 September 2024.
- ↑ Szkutak, Rebecca (March 4, 2021). "Meet The Israeli Unicorn That Has Raised 75% Of Its Funding In The Last Six Months". Forbes. Retrieved 9 September 2024.
- ↑ 7.0 7.1 Lunden, Ingrid (2021-03-04). "PAPAYA Global raises $100M more at a $1B+ valuation for tools to hire, pay and manage distributed workforces". TechCrunch. Retrieved 9 September 2024.
- ↑ Brummer, David (2021-09-12). "PAPAYA Global Raises $250M As Valuation Rockets To $3.7B". NoCamels. Retrieved 9 September 2024.
- ↑ "PAPAYA Global to acquire Azimo making payments instant and unbound by geography". IBS Intelligence. Retrieved 9 September 2024.
- ↑ SZYMULA, JĘDRZEJ (30 March 2022). "PAPAYA Global przejmuje platformę Azimo". fintek.pl (in polski). Retrieved 9 September 2024.
- ↑ Szkutak, Rebecca (2024-02-09). "Why a B2B startup is placing a bet on a $7M Super Bowl ad". TechCrunch. Retrieved 9 September 2024.
- ↑ "Remote work companies are set to change the way workforces are built as they usher in the next chapter of global employment". TechCrunch. 9 September 2024. Retrieved 9 September 2024.
- ↑ Harris, Ainsley (2024-03-19). "This company created a digital wallet for global workforces". fastcompany.com. Retrieved 9 September 2024.
- ↑ "PAPAYA Global: 2022 Top Startups for the Enterprise". CNBC. 2022-11-07. Retrieved 9 September 2024.
- ↑ Confino, Paolo; Hinchliffe, Emma (October 6, 2022). "The 15 Most Powerful Women in Startups". Fortune. Retrieved 9 September 2024.
- ↑ McKenna, Kaylyn (October 20, 2023). "PAPAYA Global PEO Review and Pricing in 2024". Business News Daily. Retrieved 9 September 2024.
- ↑ Simonson, Jennifer; Main, Kelly (May 1, 2024). "PAPAYA Global Review 2024: Pricing, Pros & Cons – Forbes Advisor". www.forbes.com. Retrieved 9 September 2024.
- ↑ Roy, Anwesha (2024-05-03). "PAPAYA Global Review & Analysis – Is It a Good EOR?". The Tech Report. Retrieved 9 September 2024.
- ↑ Orbach, Meir (2024-02-01). "Israeli unicorn PAPAYA Global to unveil workforce payments platform with Super Bowl ad". ctech. Retrieved 9 September 2024.