Vendor Analysis
published on Sep 07, 2022
Report Overview:
This NelsonHall vendor assessment analyzes Papaya Global's offerings and capabilities in Payroll Services.
Who is this Report for:
This profile is a comprehensive assessment of Papaya Global's Payroll Services offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Papaya's Payroll Services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
Papaya Global (Papaya), headquartered in New York, is a provider of workforce services. Papaya's core offerings include:
- Managed payroll services
- Global Employer of Record services
- Contractor Management and IC Compliance
- Online payroll payments, money transfer, remittance, mobile, currency exchange, and fintech services.
The company was established in 2016 and began offering global employer of record (EOR) services, adding its first clients in 2017. In 2018, it began offering managed global payroll services through its proprietary aggregator platform, which it provides in support of ~160 countries currently.
In July 2020, the organization made its first acquisition, announcing it had acquired Israeli-based HRIS technology provider Mensch, Inc. The investment yielded integrating its comprehensive human capital management platform into Papaya’s service and technology offering. Papaya acquired a digital money transfer service, Azimo, in March 2022, adding ~160 employees.
Papaya today has ~700 employees. Since its inception, Papaya raised a total equity funding of ~$444.5m over seven rounds. Following its most recent funding round in September 2021, the company valuation is ~$3.7b. Fifteen investors fund Papaya Global. Papaya is also a Workday Ventures partner, providing direct exposure to the Workday HCM buyer market. Papaya has 800 payroll clients servicing ~100k client employees and supports 160 countries.