Papaya, a mobile app that simplifies bill payments, raised 50 million dollars. This round was led by Bessemer Venture Partners with the participation of Sequoia Capital, Acrew Capital, 01 Advisors, Mucker Capital, Fika Ventures, F-Prime and Sound Ventures.
The app allows users to take a picture of any account – from parking calls, to utility or phone bills, to invoices – and choose a payment method. The company operates in the U.S. serving individuals in relation to any business that issues bills, applying artificial intelligence.
Patrick Kann, co-founder and CEO of Papaya, cited the application as a means of managing finances that are the biggest source of stress for many. Kann, with experience in banking and tenure at the World Bank and IdeaLab, co-founded Papaya with technology chief Jason Meltzer, who had previously worked at iRobot, who was behind Roomba’s technology development. He said that the new investment will be used to expand the team, enter into additional partnerships and develop the technology.
It is a user-friendly application, which reduces the waiting time outside a store to pay a bill, gathering all the loose ends that “run”, while providing a complete picture of what needs to be paid and when.
A worry-free solution that helps organize accounts and at the same time maps all payments that have been made easily, saving time. Papaya also facilitates payments for hundreds of thousands of businesses and organizations in the US. In addition to the mobile app, Papaya joins the billing processes of its partners through built-in widget technologies and printed statements.