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 March 2022. The Papaya team boasts 400 members and has offices across the globe in the UK and APAC region, in addition to its three offices in the US. The platform charges a subscription fee ranging between USD 770 to USD 1,000 per employee per month for its EoR services. 

In March 2023 , the company launched Papaya Global Payroll Payments, a first-of-its-kind, fully automated, embedded payments platform for global payroll and mass payments to employees, benefits vendors, authorities, and other beneficiaries, with payments arriving within 72 hours. In June 2020, the platform launched global equity management (managing employee stock purchase plans, stock options, etc.) and contractor management.

Subsequently, the company has expanded its offering through acquisitions; 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. Papaya Global, in April 2022 , launched a corporate payment and expense management solution for remote employees in partnership with Mesh Payments, a corporate payment and spend management solution provider.

Key customers and partnerships

In September 2023 , Papaya Global entered into a partnership with HiBob to integrate their payments and payroll platform with HiBob's HR data.

Papaya serves more than 700 companies, both small and large enterprises, and reports USD 3 billion in payroll management, as of March 2022. 

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. The Series D round brings the company’s valuation to USD 3.7 billion. The Series D follows multiple funding rounds in 2020 and 2021, which includes a USD 100 million Series C round ( March 2021 ) and a Series B round worth USD 40 million ( October 2020 ). Papaya Global plans to use the new funds to support the company’s continued growth and attract more Fortune 5000 clients. It was also reported that it is preparing for an initial public offering by 2023. 

In March 2021, the company claimed that in the past three years it has experienced 300% revenue growth YoY.