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PAPAYA Global

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Papaya Global
IndustryFintech
Founded2016; 8 years ago (2016)
FounderEynat Guez, Ruben Drong, Ofer Herman
HeadquartersNew York, USA
Key people
Eynat Guez (CEO)
ServicesGlobal payroll, Workforce management, Cross-border payments, Employer of Record (EOR), Contractor management, Global benefits and immigration services, Equity management
Number of employees
700+ (2023)
Websitewww.papayaglobal.com

PAPAYA Global is a fintech SaaS company that specializes in global workforce payroll and payments. The company was founded in 2016 by Eynat Guez, Ruben Drong, and Ofer Herman.[1][2] Eynat Guez is the CEO and has been since the company was established. The company gained unicorn status (more than $1B in valuation) in 2021.[3] In March 2022, Papaya Global acquired Azimo.[4]

History

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PAPAYA Global was founded in 2016, by Eynat Guez, Ruben Drong, and Ofer Herman. The company raised $1.5 million in June 2016.[5][1][6] In November 2019, the company raised $45 million in a Series A funding round led by Insight Partners and Bessemer Venture Partners.[7] 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.[8]

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][9] 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.[10]


In March 2022, Papaya Global acquired Azimo.[11] The acquisition, completed in March 2022, provided Papaya Global with licenses for payment services in multiple regions, including the UK, the Netherlands, Canada, Australia, and Hong Kong.[12][13]

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.[14][15]

Activities

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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. It also provides Employer of Record (EOR) services.[1]

It 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.[16][17][18]

Operations

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The company 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]

References

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  1. ^ a b c d Steinberg, Don (2023-06-21). "TIME100 Most Influential Companies 2023: PAPAYA Global". Time. Retrieved 2024-07-19.
  2. ^ a b "PAPAYA Global | Company Overview & News". Forbes. Retrieved 2024-07-19.
  3. ^ a b Shen, Lucinda (September 11, 2021). "Unicorn startup PAPAYA Global nearly quadruples its valuation, eyes an IPO". Fortune. Retrieved 2024-07-19.
  4. ^ "PAPAYA Global acquiring cross-border payments service Azimo for $150-200 million". ctech. 2022-03-28. Retrieved 2024-07-19.
  5. ^ Orbach, Meir (2020-06-01). "Group 11 Joins PAPAYA Global as a Strategic Investor". CTECH - www.calcalistech.com. Retrieved 2024-07-19.
  6. ^ 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 2024-07-19.
  7. ^ Orbach, Meir (2020-06-01). "Group 11 Joins PAPAYA Global as a Strategic Investor". CTECH - www.calcalistech.com. Retrieved 2024-07-19.
  8. ^ Szkutak, Rebecca (March 4, 2021). "Meet The Israeli Unicorn That Has Raised 75% Of Its Funding In The Last Six Months". Forbes. Retrieved 2024-07-19.
  9. ^ 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 2024-07-19.
  10. ^ Brummer, David (2021-09-12). "PAPAYA Global Raises $250M As Valuation Rockets To $3.7B". NoCamels. Retrieved 2024-07-19.
  11. ^ Lunden, Ingrid (2022-03-28). "PAPAYA Global to buy Azimo to expand its payroll payments". TechCrunch. Retrieved 2024-07-19.
  12. ^ "PAPAYA Global to acquire Azimo making payments instant and unbound by geography". IBS Intelligence. Retrieved 2024-07-19.
  13. ^ SZYMULA, JĘDRZEJ (30 March 2022). "PAPAYA Global przejmuje platformę Azimo". fintek.pl (in Polish). Retrieved 2024-07-19.
  14. ^ Szkutak, Rebecca (2024-02-09). "Why a B2B startup is placing a bet on a $7M Super Bowl ad". TechCrunch. Retrieved 2024-07-19.
  15. ^ Orbach, Meir (2024-02-01). "Israeli unicorn PAPAYA Global to unveil workforce payments platform with Super Bowl ad". ctech. Retrieved 2024-07-19.
  16. ^ McKenna, Kaylyn (October 20, 2023). "PAPAYA Global PEO Review and Pricing in 2024". Business News Daily. Retrieved 2024-07-19.
  17. ^ Simonson, Jennifer; Main, Kelly (May 1, 2024). "PAPAYA Global Review 2024: Pricing, Pros & Cons – Forbes Advisor". www.forbes.com. Retrieved 2024-07-19.
  18. ^ Roy, Anwesha (2024-05-03). "PAPAYA Global Review & Analysis – Is It a Good EOR?". The Tech Report. Retrieved 2024-07-19.
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