Papaya Global named one of the most promising Fintech startups by GGV Capital
The selection to the Embedded Fintech 50 list by fintech investors shows Papaya’s successful transformation from an HR to a fintech platform.
TEL AVIV, Israel, 1 February 2023 /PRNewswire/ — Papaya GlobalThe SaaS fintech company providing global payroll and payment technology was named to the Embedded Fintech 50, a list launched by GGV Capital in partnership with Crunchbase, to recognize the most promising fintech companies in the eyes of startup investors.
GGV Capital convened 57 securities firms to nominate and vote for the 50 honorees. After raising more than 12 billion dollars collectively, the Embedded Fintech 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. To celebrate, the honorees will ring the closing bell on the Nasdaq MarketSite today.
“This important investor recognition from the fintech industry reinforces our goal to educate companies about the benefits of a fintech approach to global payroll and payments,” said Eynat Guez, co-founder and CEO of Papaya. “Global payroll and payments are complex and as such need to be automated, visible at all times, fast and accurate. With our industry-leading capabilities to deliver payments within 72 hours, we demonstrate the power of embedded fintech in global payroll. What we do allows our corporate customers effectively and efficiently manage their global workforces.”
Despite a volatile market, 2022 was a year of strategic growth for Papaya. The company expanded its capabilities through acquisitions, built a world-class payments network and strengthened strategic partnerships. Papaya acquired electronic money transfer service, Azimo, and acquired international money transfer licenses to become the first global payroll platform with payroll payments built-in. It partnered with JPMorgan to establish the fastest salary payouts on the market. Papaya has also integrated with Workday and Netsuite – leaders in HCM and ERP – to offer a built-in, end-to-end payroll and payments solution. These decisive moves led to recognition in the Embedded Fintech 50 and confirmation from fintech startup investors.
“Embedded fintech is a bright spot in today’s market and it’s exciting to see how companies are democratizing access to financial services through technology,” said Hans Tung, managing partner of GGV Capital. “We are excited for the continued evolution of the embedded fintech landscape and further creative innovations to come. Congratulations on the Embedded Fintech 50 honors!”
About Papaya Global
Papaya Global is a SaaS fintech company providing global payroll and payments technology – the only tech-first payroll software built for global enterprises. Papaya’s comprehensive automated solution provides the visibility, speed and flexibility that finance teams need to control labor costs. Papaya acts as the brain that connects the dots of global payroll, aggregating data streams and integrating with HCM and ERP tools to create a single source of truth. It turns wages – any company’s biggest expense and liability – into a strategic asset.
Papaya’s team is currently expanding Tel Aviv, New York, Austin, London, Kyiv, Singaporeand Melbourne. The technology has been recognized by all leading global analysts, including Gartner, Visa, NelsonHall and others, as disruptive in global people, payroll and payments. Papaya was included in the Forbes Cloud 100 and CNBC’s Top Startups for the Enterprise.
About Embedded Fintech 50
The Embedded Fintech 50 includes the most promising embedded fintech startups nominated and voted on by investment firms. GGV Capital launched the list in partnership with Crunchbase and convened 57 investment firms to develop the first list. This year, 175 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the US as a primary market and the Series A stage. Embedded fintech is defined as financial service platforms or financial service providers that are integrated into commercial or financial service platforms. For more information on participating investors and listing methodology, visit: https://www.embeddedfintech50.com.
About GGV Capital
GGV Capital is a global venture capital firm that partners with entrepreneurs to build category-leading companies worldwide. Focused on multi-stage, sector-focused investments, GGV manages 9.2 billion dollars in investments across the United States, China, Southeast Asia, Israel, Latin Americaand India. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has backed more than 500 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk and more. More information can be found at www.ggvc.com and @ggvcapital.
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SOURCE Papaya Global
