Papaya is a Los Angeles-based startup that offers a mobile application enabling users to pay bills by taking a photo of invoices; its AI-powered “bill-understanding” technology extracts required information to submit payments. The app supports any biller with an electronic payment method and integrates via embedded widgets and paper-statement workflows to partner billing systems. Papaya currently facilitates payments for hundreds of thousands of businesses and millions of U.S. users, and the company says it's on track to acquire 1 million new active users per year. Revenue specifics were not disclosed, but Papaya monetizes via a percentage of interchange fees from merchants and reports low customer acquisition costs due to organic growth. Founded in 2016, the company employs about an 80-person staff and highlights diversity metrics across engineering and overall headcount. The company plans to use new capital to build awareness, expand headcount, and execute an extensive product roadmap to broaden its bill-pay capabilities.

Total raised

$50M

Funding rounds

1

Latest round

Series B

Latest activity

Dec 2021