Papaya Global, a leading global payroll and payment platform, is proud to announce that Group 11, a leading, US-based fintech VC led by Dovi Frances, has joined the company’s investors. The investment was carried out through the purchase of secondary stock from existing shareholders. Last October, Papaya Global raised $45 million in a Series A funding round led by Insight Partners, with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital (Sir Ronald Cohen’s private investment fund). Dovi Frances will join the company’s board of directors.
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Papaya Global was founded by Eynat Guez, Ofer Herman, and Ruben Drong with the goal of reinventing global payroll. The current funding will go towards scaling the company’s hypergrowth, launching new products to further support global companies (such as benefits management, salary benchmarks, and adding artificial intelligence to global payroll), and tracking the ever-changing labor laws around the world.
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“Global Payroll is an exciting industry that is relevant to each one of us as employees and to any organization and industry, especially those planning global expansion,” said Eynat Guez. “At the same time, the global payroll process is extremely complicated. It requires working with multiple local suppliers, sorting through all types of reporting styles, and dealing with the nuances of local compliance. Most organizations, big and small, still manage payroll manually, requiring payroll managers to work five times harder when calculating the salary of a global employee.”
The recent COVID-19 pandemic exposed deep vulnerabilities in how global companies manage their global payroll: their dependence on local suppliers, lack of access to employee information (which is managed by the local companies), and inability to stay on top of local labor laws, which changed frequently throughout the pandemic.
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