Money transfer app Azimo acquired by payroll and payments firm Papaya Global
Papaya Global, a New York-based payroll and payments solutions provider, has acquired digital money transfer firm Azimo.
“Together with Azimo, Papaya Global will be able to offer a payments solution that delivers payments in hours instead of days,” Papaya Global says.
“We will build an innovative new payments and finance offering for clients in cash advance and credit-related products, and in cryptocurrency.”
Launched in 2016, Papaya Global says it is “reinventing global payroll, payments, and workforce management”, with clients across 160+ countries. Last September, it landed $250 million in a Series D funding round, bringing its valuation up to $3.7 billion (more than tripling its previous valuation of $1.2 billion following its $100 million Series C in March 2021).
The acquisition includes Azimo’s technology and team, a payment network reaching 150+ countries, and – “perhaps most significantly” – payment licences in the UK, the Netherlands, Canada, Australia, and Hong Kong.
London-based Azimo was founded in 2012 by Michael Kent, who is currently the company’s executive chairman. In 2020, Azimo inked a €20 million debt funding agreement with the European Investment Bank supported by the European Fund for Strategic Investments and revamped its senior leadership team.
“Since starting Azimo nearly ten years ago we’ve always focused on the best customer experience for sending money home: instant, low cost, and at the click of a button,” Kent writes on LinkedIn.
“But things are changing. Digital technology has started to democratise employment opportunities without the need to migrate, a trend accelerated by the hunt for talent and the COVID-19 impact.
“We’ve seen more and more of our customers using the Azimo platform to pay team members around the world.
“The opportunity to serve these employers and their employees is huge and real. Getting it right will make a huge difference to millions,” he states.