Vendor Analysis
published on Jun 17, 2022
Report Overview:
This NelsonHall vendor assessment analyzes Papaya Global’s offerings and capabilities as a provider of global employer of record services.
Who is this Report for:
NelsonHall’s Global Employer of Record Services profile on Papaya Global is a comprehensive assessment of the company’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of employer of record services and identifying vendor suitability for RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the employer of record sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Papaya Global’s global employer of record service 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 delivery locations.
Key Findings & Highlights:
This NelsonHall vendor assessment analyzes Papaya Global’s offerings and capabilities as a provider of global employer of record services.
Papaya Global, headquartered in New York, NY, is a provider of global employer of record and automated workforce management 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 2019, it expanded its services, adding independent contractor management support to its offering.
In July 2020, the firm 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 Global's service and technology offering. In November 2021, the organization acquired a small work connectivity firm, NickNack, to enhance its technology solution for onboarding remote teams.
Papaya Global acquired a digital money transfer service, Azimo, in March 2022. The acquisition will provide a digital payment platform enabling the company to offer its clients additional money transfer and finance options, including cash advances, credit-related products, and cryptocurrency offerings.
Since its inception, Papaya Global has raised 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 Global's employment services are comprised of three primary areas and provide the following services:
- Employer of Record (EOR): Full-scale employment services for organizations without an established in-country legal entity
- Payroll: End-to-end payroll processing for organizations with and without an established legal entity
- Independent Contractor Management: Consolidation, validation, and payment of freelance contractor invoices.
Papaya Global offers its global employer of record services to ~1,830 clients and ~ 57,000 active workers across ~160 countries globally.