Papaya Global, a Tel Aviv, Israel-based global payroll and payment management platform, closed a $45m Series A funding round.
The round was led by Insight Partners, with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital.
The company intends to use the funds to support growth, invest in scaling and automation, and launch new products to further support global companies, such as benefits management and salary benchmarks.
Founded three years ago by Eynat Guez, Ruben Drong and Ofer Herman, Papaya Global offers a total workforce management solution supporting all types of global workers (payroll, EoR, and contractors) in over 100 countries. The cloud-based SaaS platform provides an end-to-end solution, from onboarding to on-going management and cross-border payments. The solution integrates with all existing workforce management tools, provides real-time business intelligence, gathers all employee information into one place, creating a visible system for tracking payroll spending.
The platform currently serves clients both large and small including, Kong, Rubrik, Yubico, Sonder, Fiverr, Wix, Microsoft, Teradata, CyberArk and more.
The company’s team currently spans Tel Aviv, New York, San Francisco and Melbourne.