Papaya Global to Acquire Digital Cross-Border Payments Service Azimo, Making Payments Instant and Unbound by Geography
28 Mar, 2022, 07:03 ET
Acquisition will further bolster Papaya's payroll prowess with new multiple payment licenses, access to a global digital payment network, and new options for existing Papaya customers and employees to make fast payments to global teams.
TEL AVIV, Israel and LONDON, March 28, 2022 /PRNewswire/ -- Papaya Global, the global people management platform for the remote working era, announced today that it has agreed to acquire Azimo, the global digital cross-border payments service, making it possible to pay employees almost instantly regardless of geography and typical payroll limitations.
The acquisition of Azimo will significantly expand Papaya's capabilities in payroll payments and strengthen its promise to help companies smoothly manage their remote workforce from onboarding to payments.
"Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams," said Eynat Guez, Papaya Global CEO and co-founder. "Azimo's global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees."
The deal brings together Papaya's deep expertise in remote workforce management technology with Azimo's long experience building digital cross-border payment networks to move money quickly and smoothly around the world.
"Combining Azimo's assets and expertise with an emerging global leader in remote working enablement like Papaya will allow them to deliver even more value for their business customers, especially those increasingly paying and managing remote employees," said Azimo chairman and founder Michael Kent.
The acquisition is subject to standard closing conditions, including regulatory approval. The two companies will continue to operate independently until closing. All Azimo employees will join Papaya.
"Papaya's customers will benefit hugely from our long experience in building payment technology and operating as a regulated payments business," Azimo CEO Richard Ambrose said.
Upon closing, Papaya Global will gain payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong, as well as a global digital payment network reaching more than 160 countries.
About Papaya Global
Papaya Global powers global hiring through enabling people, payroll, and payment management for organizations in over 160 countries. When companies want to remove barriers to global hiring, enhance engagement, and optimize employee experience at the same time - they call Papaya Global. Papaya's automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to on-going management and cross-border payments. The platform is customizable to all business requirements, integrates with existing HRIS management tools, and uses intelligent technology to ensure compliance and eliminate errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending, and provides real-time business intelligence. Papaya's team currently spans Tel Aviv, New York, Austin, London, Kiev, Singapore, and Melbourne. http://www.papayaglobal.com
Azimo is a digital money transfer service, founded in 2012, with offices in London, Amsterdam, Krakow and Hong Kong. Azimo's mission is to use technology to make financial services affordable and available to all. Its apps and website enable people to make faster, cheaper money transfers to more than 150 countries worldwide. According to World Bank data, Azimo is up to 75% cheaper than banks and traditional money transfer providers.
Azimo's investors include Frog Capital, Headline, GR Capital, Greycroft, MCI Capital, Quona Capital, TempoCap and the European Investment Bank. Azimo is authorised in the UK by the Financial Conduct Authority, and regulated in the Netherlands by De Nederlandsche Bank, in Australia by AUSTRAC and in Hong Kong by the Customs & Excise Department.
SOURCE Papaya Global
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