Papaya Global Named One of the Most Promising Fintech Startups by GGV Capital

Rhea-AI Summary

Papaya Global, a SaaS fintech firm specializing in global payroll and payments technology, has been named to the Embedded Fintech 50 list by GGV Capital and Crunchbase, recognizing it as a promising fintech startup. This accolade highlights Papaya's successful pivot from HR to a fintech platform, driven by innovations such as a partnership with JPMorgan and integration with Workday and Netsuite. Despite market volatility, the company saw strategic growth in 2022, including significant acquisitions and a robust payment network. The recognition reflects investor enthusiasm in the fintech sector, with over $12 billion raised by the participating firms.

Positive

• Named to the Embedded Fintech 50 list, recognizing its successful transformation.
• Acquired Azimo and obtained international money transfer licenses.
• Established partnerships with industry leaders like JPMorgan for payroll payments.

Negative

• None.

The selection to the Embedded Fintech 50 list by fintech investors showcases Papaya's successful transformation from an HR to a fintech platform.

TEL AVIV, Israel, Feb. 1, 2023 /PRNewswire/ -- Papaya Global, the SaaS fintech company providing global payroll and payments 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 investment firms to nominate and vote on the 50 honorees. Having raised more than $12 billion collectively, the Embedded Fintech 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Closing Bell at the Nasdaq MarketSite today.

"This important investor recognition from the fintech industry reinforces our goal of educating companies on the advantages 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 of delivering payments within 72-hours, we are showing the power of embedded fintech within global payroll. What we're doing allows our enterprise clients to effectively and efficiently manage their global workforces."

Despite a volatile market, 2022 was a year of strategic growth at Papaya. The company extended its capabilities through acquisition, built a world-class payment network, and strengthened strategic partnerships. Papaya acquired online remittance service, Azimo, and acquired international money transfer licenses to become the first global payroll platform with payroll payments natively embedded. It partnered with JPMorgan to establish the fastest payroll payments on the market. Papaya also integrated with Workday and Netsuite — leaders in HCM and ERP — to provide an embedded, end-to-end payroll and payment solution. These decisive moves led to the recognition in the Embedded Fintech 50 and affirmation from fintech startup investors.

"Embedded fintech is a bright spot in today's market, and it is exciting to see how companies are democratizing access to financial services through technology," said Hans Tung, managing partner at GGV Capital. "We are excited for the continued development of the embedded fintech landscape and further creative innovations to come. Congratulations to the Embedded Fintech 50 honorees!"

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 workforce spending. Papaya serves as the brain connecting the dots of global payroll, unifying data streams and integrating with HCM and ERP tools to create a single source of truth. It turns payroll — every company's biggest expense and liability — into a strategic asset.

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 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

Embedded Fintech 50 includes the most promising embedded fintech startups as nominated and voted on by investment firms. GGV Capital launched the list in partnership with Crunchbase and convened 57 investment firms to develop the inaugural 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, U.S. as a primary market, and Series A stage. Embedded fintech is defined as financial service platforms or financial service providers that integrate into commercial or financial service platforms. For more information about participating investors and list methodology, visit:  https://www.embeddedfintech50.com.

About GGV Capital

GGV Capital is a global venture capital firm partnering with founders to build category-leading companies around the world. Focused on multi-stage, sector-focused investments, GGV manages $9.2 billion in investments across the U.S., China, Southeast Asia, Israel, Latin America, and 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

FAQ

What is the significance of Papaya Global being named to the Embedded Fintech 50?

The recognition underscores Papaya's transformation into a leading fintech platform and highlights its innovative global payroll solutions.

What partnerships did Papaya Global establish recently?

Papaya partnered with JPMorgan to enhance its payroll payment capabilities and integrated with Workday and Netsuite to provide an embedded payroll solution.

What strategic growth did Papaya Global achieve in 2022?

In 2022, Papaya Global made significant acquisitions and strengthened its payment network despite a volatile market.

Who organized the Embedded Fintech 50 list?

The list was organized by GGV Capital in collaboration with Crunchbase, featuring nominations from 57 investment firms.

What is the role of GGV Capital in the fintech industry?

GGV Capital is a global venture capital firm that invests in category-leading companies, including innovative fintech startups like Papaya Global.