Papaya Global one of Fast Company’s Most Innovative Companies in 2024

Papaya GlobalMarch 26, 20243 min

Papaya Global makes it possible for companies to manage far-flung employees taking advantage of remote work’s globetrotting possibilities. Founded in 2016, Papaya built momentum during the pandemic, leading to a $250 million Series D that it raised from investors, including Tiger Global Management and Insight Partners in 2021. Since then, the company has continued building out its platform, which combines payroll and expense reimbursement and enables almost any type of employment in more than 160 countries and currencies (for a monthly fee per employee).

In March 2023, Papaya launched Workforce Wallet, a virtual wallet implemented in partnership with JPMorgan Chase and Citibank, that streamlines cross-border payroll transactions and guarantees that employees are paid on time. The wallet, in coordination with Papaya’s other solutions, has saved customers, on average, 12% in payroll costs. More than 1,000 employers have adopted the platform, including Toyota, Canva, and Shopify.

Explore the full 2024 list of Fast Company’s Most Innovative Companies, 606 organizations that are reshaping industries and culture. We’ve selected the firms making the biggest impact across 58 categories, including advertising, artificial intelligence, design, sustainability, and more.

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Papaya Global

Papaya Global is a SaaS fintech company enabling enterprises to master the complexities of workforce management. Papaya's comprehensive technology, known as Papaya OS, is the only global platform that offers payroll and payments as a unified process. Papaya provides an embedded, end-to-end solution for the entire payroll journey – from onboarding to payroll processing to cross-border payment delivery. It is the only payments tech specialized for the needs of payroll payments, providing automation, compliance, flexibility, and security. The platform gives finance teams the visibility and control to master workforce spending and payments — with full liability if anything goes wrong. Papaya's integrated approach connects the dots between workforce management tools from HCM to ERP to create a single source of truth. It turns payroll - every company's biggest expense and liability - into a strategic asset, empowering growth at scale. Papaya's team currently spans Tel Aviv, New York, Austin, London, Kiev, Singapore, and Melbourne. Its technology has been recognized by all leading global analysts, including Gartner, Visa, NelsonHall, and others, as disruptive in the field of workforce management and payments. Among other accolades, Papaya was included in the Forbes Cloud 100 and CNBC's Top Startups for the Enterprise.


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