Papaya Global

Papaya Global is an automated platform for global payroll and workforce management. The platform offers end-to-end solutions that allow businesses to grow their teams globally by hiring from anywhere in the world as the employer of record (EoR). The platform simplifies the onboarding and management process with guidance in local compliance laws and allows cross-border payments with coverage in more than 160 countries, as of April 2024. Additionally the company offers global equity management (managing employee stock purchase plans, stock options, etc.) and contractor management.

In September 2023, the company launched ‘made to measure’, an AI-backed solution designed to help organizations navigate complex US payroll regulations. Other notable product updates included the launch of Papaya Global Payroll Payments (March 2023), a first-of-its-kind, fully automated, embedded payments platform for global payroll and mass payments to employees and other beneficiaries, with payments arriving within 72 hours.

Papaya Global has undertaken a series of acquisitons to expand its product offerings; Mensch (an Israeli human resource information platform) in July 2021, to complement its end-to-end offering and feature employee management; NickNack, a remote work connectivity platform, in November 2021 to enhance its technology solution to support clients onboard employees to remote teams with asynchronous activities by providing a platform to improve employee engagement and connectivity; Azimo, a UK-based online remittance service, in March 2022 to help Papaya Global expand its geographical footprint using Azimo’s payment licenses and network spanning 190+ countries.

The company generates revenue through monthly subscriptions on a per employee basis, based on the product offered. As of April 2024, this included payroll (USD 15-25), EoR (USD 500), contractors (USD 30) and agent of record (USD 200). Additionally, the company generates revenue from cross-border payments (USD 2.5 per transaction).

Key customers and partnerships

As of April 2024, the company served over 2,000 enterprises, with 35% of its customer base being Global Fortune 500 firms. Notable enterprises using the platform included Toyota, Shopify, Canva and Wix.

In September 2023, the company partnered with HiBob to connect its HR data to Papaya's payments and payroll platform, reducing administrative burden. Previously in April 2022, the company launched a corporate payment and expense management solution for remote employees in partnership with Mesh Payments, a corporate payment and spend management solution provider.

Funding and financials

In September 2021, Papaya Global raised USD 250 million in a Series D funding round co-led by Insight Partners and Tiger Global, valuing the company at USD 3.7 billion. Funds were earmarked to support the company’s continued growth and attract more Fortune 5000 clients.

As of April 2024, the company had over USD 7 billion in total payroll under management. In March 2021, the company claimed that in the past three years it has experienced 300% revenue growth YoY.