US-based payroll and payment platform Papaya Global has received new investment from venture capital firm Group 11.
Group 11 purchased secondary stock from existing shareholders to make the undisclosed investment.
The move comes after Papaya Global raised $45m in a Series A funding round in October last year. The round was led by Insight Partners.
Papaya Global offers a cloud-based SaaS platform to automate payroll and workforce management. The platform is designed to offer an end-to-end solution to eliminate errors and streamline the payroll process.
With the new proceeds, the company seeks to support its growth as well as introduce new products.
Group 11 founding partner Dovi Frances said: “Papaya Global solves the challenges of global payroll, which has been managed manually and inefficiently until now, through full automation and a single user interface.
“The Papaya Global business model reflects Group 11’s philosophy of investing in fintech companies that redefine their category by shattering and automating old work paradigms in multi-billion dollar markets, such as the global payroll market.”
Papaya Global has offices in Tel Aviv, New York, San Francisco, and Melbourne. The company aims to triple its global growth this year in terms of clients, revenues and employees.
Papaya Global co-founder Eynat Guez said: “Global Payroll is an exciting industry that is relevant to each one of us as employees and to any organization and industry, especially those planning global expansion.
“At the same time, the global payroll process is extremely complicated. It requires working with multiple local suppliers, sorting through all types of reporting styles, and dealing with the nuances of local compliance.
“Most organizations, big and small, still manage payroll manually, requiring payroll managers to work five times harder when calculating the salary of a global employee.”
The company seeks to address these challenges with its payroll platform.