Papaya Global, a New York-based workforce management platform transforming global employment, announced that it has raised US$250 million in Series D funding, bringing the company’s valuation to US$3.7 billion.

Papaya’s valuation has increased tenfold since September 2020 with a total funding of US$440 million to date.

The new funding round was led by New York-based global private equity and venture capital firm Insight Partners and joined by Tiger Global, with participation from existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries and Group 11.

The firm said that the funding will be used to continue its rapid expansion and accelerate the recruitment of rapidly growing companies (pre/post IPO) and Fortune 5000 clients.

Papaya provides a solution for managing and paying all types of global workers in full compliance, from onboarding to payments, in over 140 countries.

“2021 is a breakthrough year for Papaya. We set a new standard for global payroll management by introducing our ‘Total Payroll’ offering, a technology solution for managing all global payroll activities through a single panel, including equity and benefits.

 

This latest round of funding, which follows our Series C only six months ago, will allow Papaya to continue its hyper growth as we expand globally.”

said Papaya Global Co-founder and CEO Eynat Guez.

This article first appeared on Fintech News Switzerland. 

Featured image: (From left to right) Papaya Global’s Co-Founders – Ofer Herman (CTO), Eynat Guez (CEO), and Ruben Drong (CPO)