Israeli startup Papaya Global which offers a cloud based platform for companies to handle their payrolls has raised $250 million, giving it a valuation of $3.7 billion. The fintech firm Papaya Global has now raised a total of $440 million in financing to date.
Startup Nation is now unicorn nation. The country keeps on having startups hit billion dollar valuations. Israel saw seven new unicorns in the month of July alone.
Last week Snyk, an Israeli cybersecurity startup in the field of cloud native application security, hit a valuation of $8.7 billion. Snyk is not just a unicorn now; it is a super unicorn. Snyk is now kind of like a unicorn with wings, a Pegacorn, or a Uninsus.
But Snyk is a cybersecurity firm, as are most of Israel’s top unicorns. However, fintech companies like Papaya are doing quite well for themselves as well. For example, in June Sorbet raised $21 million in funding, the largest seed round for a fintech business in Israel’s history. Sorbet’s platform helps people convert their unused Paid Time Off (PTO) into cash.
Papaya is far from being Israel’s biggest fintech unicorn. In August, Rapyd, an Israeli global payments and fintech company, hit a $10 billion valuation. Rapyd made this milestone mark upon the completion of a record breaking $300 million Series E financing round.
This new round of funding comes only six months after Papaya Global first hit unicorn status. Back in March the company raised $100 million in a Series C funding round that left it with a billion dollar valuation.
Founded in 2016, Papaya Global says that it is reinventing global payroll, payments, and workforce management. The company declares that its automated platform helps companies hire, onboard, manage, and pay people in more than 140 countries. The cloud-based solution is “easy to use and scale, ensures full compliance and provides industry-leading BI and analytics.”
Papaya Global boasts a 300% revenue growth year-over-year for each of the last 3 years. The company says that its reaching unicorn level reflects strong demand for Papaya’s offering in global workforce management. Papaya provides what it calls a radically simple solution for managing and paying all types of global workers in full compliance.
Just last month Papya was named one to Forbes 2021 Cloud 100 list. Forbes calls this list the definitive ranking of the top 100 private cloud companies in the world. It was published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
“It is a true honor for Papaya to be recognized by Forbes, the most prestigious list of companies, the real “Who’s Who” of today’s business world,” said Papaya co-founder and CEO Eynat Guez about being included on the list.
“When we set out to reinvent global payroll, payments, and people management for the modern age, we constantly heard that “developing a SaaS platform for global payroll is impossible” and we were determined to prove otherwise,” said