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.
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