New York-based B2B payments company, Papaya Global has announced Group 11 which is also a US-based fintech venture capital firm as its new investor. The investment was done via the purchase of secondary stock from the existing shareholders. The funding from this will go towards the expansion of the company’s growth and develop new products to support international companies.
“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,” said Dovi Frances, founding partner of Group 11.
Papaya Global provides services for the end-to-end process which includes onboarding and managing cross-border payments. The company gathers employee information and creates a system for tracking payroll spending. This platform ensures GDPR and SOC compliance to maintain security and privacy. The company has a presence in over 100 countries.
Last October, the company had raised $45 million in a Series A funding round led by Insight Partners with other investors such as Bessemer Venture Partners, New Era Capital Partners and Dynamic Loop Capital (Sir Ronald Cohen’s private investment fund).