Six months after raising $250 million, Papaya Global, an Israeli cloud-based HR and platform, has acquired Azimo, a London-based digital cross-border payment business that Facebook once tried to buy to spearhead its own remittance initiatives.
The acquisition’s terms and fees are presently unknown. However, a source close to the company told TechCrunch that Azimo is valued at between $150 million and $200 million. The acquisition gives Papaya Global new options for existing customers and employees to make fast payments to global teams without relying on third-party services like Payoneer and Tipalti. Papaya Global plans to use Azimo’s revolutionary cross-border payments technology, including all of Azimo’s employees, primarily for instant international payroll payments for millions of workers worldwide.
About Papaya Global
Papaya Global is an Israel-based 2016 fintech startup that provides a cloud-based HR and payroll platform for global workforce management, serving over 160 countries worldwide with its automated cloud-based SaaS platform for end-to-end solutions, from onboarding to on-going management and cross-border payments.
Founded in 2012, Azimo is a London-based fintech specializing in online money transfers, a low-cost alternative to legacy bank remittance services. Azimo offers cheaper and faster alternatives to traditional bank transfers and is available in 190 countries, processing over 1.8 million transactions per year with a current annual growth of 30%. So, one can easily connect the dots and see how this deal can expand the reach of both organizations with the mission of powering economic growth through better access to financial services for all.
“Our acquisition of Azimo advances our goal of providing instant worldwide payments with crypto-currency backed payroll checks to people everywhere in the world,” stated Eynat Guez, CEO and founder of Papaya Global. According to Guez, Azimo’s global digital payment network, various payment licenses, and substantial fintech knowledge will strengthen the capacity to assist enterprises in managing and paying their remote workforce.
Richard Ambrose, Azimo’s CEO, stated, “We can’t wait to collaborate with Papaya to make it even easier for workers to get paid wherever in the world.” For the clients of Papaya, our extensive history of developing payment technology and operating as a legally regulated payments business will be a tremendous asset.
Upon closing the deal, Papaya Global will have payment licenses in the United Kingdom, the Netherlands, Canada, Australia, and Hong Kong, as well as a global digital payment network reaching over 160 countries.