Payment and payroll processing platforms used to be exclusive to big banks or merchants at shopping malls around the country. Services that were commonly as simple as taking out your store card or bank card and swiping or signing for your purchase have gotten a lot more sophisticated. Payment processors like PayPal, Stripe, or Square are becoming fintech behemoths by adding a host of services at lightning speed. These companies now offer banking,payment, international transfers and multi-platform integration to fit all of your needs.
Global payroll processor Papaya picked up a recent funding round of over $3.5 billion dollars, and has quickly become a corporate favorite with clients like Microsoft, Fiverr and Toyota. The firm, like it’s predecessors, handles continuous automation of payroll, payments and many other features. That’s just the latest high tech unicorn in a slew of companies that have consistently commanded substantial valuations as well. Gusto recently secured a hefty $10 billion dollar valuation,surpassing industry competitor Zenefits by 100%. As the list of fresh IPO’s in the fintech space grows at a feverish pace, many companies are traded on the open stock market for investors big and small. That’s a slice of the passive income pie for financially savvy consumers everywhere.
