Payment and HR startup Papaya Global attracts $40M for further development

Israeli payroll and HR solutions company Papaya Global has closed a $40 million Series B investment round led by Scale Venture Partners. Workday Ventures, Access Industries, and existing investors Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11, and Dynamic Loop also joined the round, reports CTech. 

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Papaya Global develops a SaaS platform for all types of global employment that is aimed to help international companies or those who intend to expand internationally to manage payroll data and workforce.

“It is painfully complex to manage payroll in different countries with multiple suppliers while maintaining a grasp of the nuances of local compliance and particular local payroll components. These pain points are experienced by companies of all sizes,” explains Eynat Guez, CEO of Papaya Global, in her interview for Globes.

Established in 2016 by Eynat Guez, Ruben Drong and Ofer Herman, the company headquartered in New York with over 150 employees from Papaya employs 150 people based out of London, Austin, New York, Shanghai, Melbourne and Kyiv. According to the TechCrunch, the Papaya Global clients include OneTrust, nCino and Hopin, as well as major corporates like Toyota, Microsoft, Wix and General Dynamics.