Papaya Global raised $250 million with a valuation of $3.7 billion


0


Israeli startup Papaya Global, which developed a payroll platform for cross-border management of human resources and employee payroll, tripled its assessment in six months. The company announced that it raised $250 million at a valuation of $3.7 billion. In March, Papaya Global raised $100 million after securing $1.2 billion in funds. Papaya Global’s valuation has increased tenfold since completing its $40 million funding round last September. Related Articles Papaya Global Raises $100M in Unicorn Assessment Where are the Most Promising Startups for 2019 Now? Papaya Global Payroll Solutions raised $40 million, with Dell raising $156 million at a valuation of $1.25 billion. Workday Ventures, Access Industries and Group 11. This brings the total amount raised by the company to $440 million. Founded in 2016 by Einat Guise, Chief Technology Officer Ofer Hermann, and Robin Drung, Papaya Global is the only Israeli unicorn company headed by a woman. In 2021, Geese said, Papaya Global will approach “very close” to $100 million in annual recurring revenue (ARR). “We are planning an IPO within the next 24 months but of course it depends on criteria such as the state of the market,” she added. Papaya operates in a rapidly growing international market where more and more companies are choosing to hire people in other countries to meet the shortage of talented employees in their countries. These companies need solutions that allow them to pay these employees in their local currencies and according to the laws in the countries in which they live. Papaya’s customers include Microsoft, Toyota, Wix, and Intel and offers a package that combines software and services. This latest funding round makes Papaya Global the highest rated player in the payroll management solutions sector. Competitors include; Deel, founded by French-Israeli businessman Alex Bouaziz, which recently raised $156 million with a company valuation of $1.25 billion; The Remote Company, founded in 2019, raised $150 million with a valuation of over $1 billion; Oyster raised $50 million in June at a valuation of $475 million. The Fintech startup sector in Israel is currently experiencing a lot of activity. Global payment network company Rapyd raised $300 million last month at a company valuation of $8.75 billion, tripling its value since January, and accounts payable tool Milio reportedly raised funds at a $4 billion valuation, up from $1.3 billion at the start of the year. . Published by Globes, Israel business news – en.globes.co.il – on September 11, 2021 Copyright Globes Publisher Itonut (1983) Ltd. 2021


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Mitchel

0 Comments

Your email address will not be published. Required fields are marked *