An online mobile app and paymentech developer Papaya has announced that it has raised $50 million in its series B round of funding which made the total raised amount of the company to $65 million.
This funding round was led by Bessemer Venture Partners in association with other investors and those are Sequoia Capitals, Mucker Capitals, Acrew Capitals, 01 Advisors, Sound venture, F Prime and Fika Ventures.
The Los Angeles situated company, Papaya Pay was founded in 2016 by Brazilian, Patrick Kann and Californian, Jason Meltzer to fulfill their aim of reducing the striking agitation of finances in American society.
As the American society’s stress rate caused by finance and bill paying was banging with a boom, Kann and Jason observed that and decided to alleviate that degree by establishing an online mobile application for easy payments of bills.
Papaya company’s mobile app lets the people simply pay off their debts. The user just has to click a photo of the bill that has to be paid, then “the bill understanding technology”, which is powered with artificial intelligence makes sure that the bill gets paid, of course after providing the required banking details by the user.
Patrick Kann said that, as long as the customer has an electronic payment method, anyone can operate and take advantage of our payment app”.
Kann was born in Brazil, where a similar payment app already existed which inspired him to develop a similar app for the peace of mind for Americans. He then teamed up withJason Meltzer, the computer vision scientist. Involvement of scientists brings the computer vision technology backing the Roomba at iRobot, to build Papaya.
Currently, hundreds of thousands of payments have been facilitated by Papaya in theU.S. businesses and organizations. Beyond the billing app, Papaya also blends with the billing process of partners through embedded widget techs and paper statements.
With the current fundings, the company aims to expand their business by expanding their technology and ease of extreme level and to support the rapid endorsement of frictionless clearance of bills for the customers. Also in the building awareness and development of the headcount.
Papaya has already come a long way. Kann promoted the app in its earlier days by putting Papaya’s QR code’s stickers on the windshields of people when they got Las Vegas parking tickets.
Kann gratifyingly tells that they are a family of 80 people’s staff, 69% of them are underrepresented minorities and 45% of product engineering females.
Till now, the growth of the company is perfectly organic, without the involvement of any marketing team, as according to the CEO of Papaya.
Charles Birnbaum of Bessemer Venture Partners says that they followed the Papaya company until they encountered their “magical” bill payment app and used it for their own bill payments.
It is an astonishingly bizarable thing to discover a business that is not only empathetically impacting millions of customers in a positive way by converting something painful into a seamless thing but also solving a crucial pain point for businesses within several different sectors from utilities to healthcare.
Conclusion
Papaya’s bill payment app is the stress easing application that is vigorously used by the Americans for paying their bills without any distress. The $50M raised by Papaya will be used for further advancement in the payment methods. The funding round was led by Bessemer Venture Partners along with the participation of other investors.
FAQs
Ans. $50M
Ans. Bessemer Venture Partners led this round along with other investors Sequoia Capitals, Mucker Capitals, Acrew Capitals, 01 Advisors, Sound venture, F Prime and Fika Ventures.
Ans. Patrick Kann and Jason Meltzer.
Ans. In 2016.
Ans. In Los Angeles, U.S.
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