Israel’s Papaya Global Gets $45 Million In Funding To Expand Payroll Processing For A Global Workforce

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Israel’s Papaya Global Gets $45 Million In Funding To Expand Payroll Processing For A Global Workforce
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In just three years, Papaya Global cofounder Eynat Guez built a global human resources software platform with 150 customers like Microsoft and Intel. Here’s how.

Share to linkedin... [+]When venture capital firm Insight Partners called Papaya Global cofounder and CEO Eynat Guez to learn more about her payroll startup

Papaya Global aims to solve a complex problem—managing an international workforce across labor laws, time zones and languages. Sara Avital, senior payroll manager at Israel-based cybersecurity firm CyberArk, a Papaya Global customer since early 2018, says some local payroll providers would send employer data in PDFs and others in Excel spreadsheets, requiring time-extensive data entry.

Papaya has a chance of capturing the market, says MoffettNathanson analyst Lisa Ellis, who covers payroll giants ADP and Paychex. She notes that while ADP and other business software behemoths like Oracle and SAP offer global solutions, they’re designed for huge multinational corporations. Medium or small companies with global workforces are relatively new. “International payroll is pretty fragmented,” Ellis says.

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