Papaya has raised $50million in a Series B funding round; the mobile billing application has announced.
The round was led by Bessemer Venture Partners with participation from Sequoia Capital, Acrew Capital, 01 Advisors, Mucker Capital, Fika Ventures, F-Prime, and Sound Ventures.
Built upon an AI-powered “bill understanding technology”, Papaya is a mobile application that allows its users to digitally process bills and payments. The process involves the user taking a photo of a bill, before it’s processed and distributed by Papaya. The company has stated that it’s able to reach every single business in the United States that issues bills.
By reducing payment friction caused by paying bills through the mail, over the phone, or on complicated web portals, Papaya’s platform eases the bill-paying process by leveraging mobile technology. It also helps businesses of all sizes in all industries, as well as governments and municipalities, to get paid with more reliability.
“The Papaya team and I are driven by our deep desire to build a business that can scale and have a massive, positive impact for the greatest number of people. American families’ greatest source of stress and anxiety is finances. With a user-friendly app and single photo of a bill, Papaya’s technology eases that pain point, which motivates us all,” said Patrick Kann, Co-founder and CEO of Papaya.
Papaya currently facilitates payments for a large proportion of US businesses. Beyond the mobile app, Papaya also integrates with partners’ billing processes through embedded widget technologies and paper statements.
“Patrick and Jason have built the technology and assembled an extraordinary, mission-driven team to reshape the bill payment process and empower businesses and consumers to operate with a new level of efficiency and sophistication,” said Charles Birnbaum, Partner at Bessemer Venture Partners. “We’re excited to support Papaya as they continue to build out their platform.”
Papaya is expected to utilise the new $50million funding to expand its team, forge additional partnerships, and continue building its technology to satisfy the ever-growing demand for this type of service.