HR and payroll company Papaya Global buys Azimo

  • HR and payroll platform Papaya Global has acquired global money transfer company Azimo.
  • The agreement will allow Papaya Global to offer payments in hours instead of days.
  • Financial terms of the deal were not disclosed.

Global Money Transfer Company Azimo has agreed to be acquired by human resources and payroll platform Papaya Global. Terms of the deal were not disclosed, but TechCrunch is announcing a purchase price of between $150 million and $200 million.

The Israeli payroll company will leverage Azimo’s payment platform to offer its customers a payroll solution that makes immediate payments worldwide. “We will create an innovative new payment and financing offering for customers in cash advances and credit-linked products, and in cryptocurrency,” the company said in a blog post. The purchase will also allow Papaya Global to add remittance services to its lineup.

Founded by Michael Kent in 2012, Azimo offers individuals and businesses an inexpensive way to send money around the world. The UK-based company charges fees as low as $0.77 (£0.59) and also enjoys a more favorable exchange rate. Azimo has more than two million customers on its digital money transfer platform, which allows users to send money from 25 countries to more than 200 countries and territories around the world.

In addition to its payment network, Azimo has something that Papaya Global can consider very valuable: payment licenses in the UK, Netherlands, Canada, Australia and Hong Kong. “Azimo’s global digital payment network, multiple payment licenses and deep financial technology expertise strengthen our ability to help businesses manage and pay their remote teams,” said Eynat Guez, CEO of Papaya Global.

Azimo raised $88.1 million in combined debt and equity. Financial terms of the agreement, which will bring all Azimo employees into the Papaya Global team, were not disclosed.

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Todd A. Mitchell