Israel’s Papaya Global Acquires Money Transfer Company Azimo

Israeli business workforce management platform Papaya Global announced this week that it is set to acquire London-based money transfer company Azimo, to improve its platform cloud-based HR and payroll.

The acquisition comes six months after Papaya Global secured $250 million in a Series D funding round, bringing its valuation to $3.7 billion.

“Working with Azimo, Papaya Global will be able to offer a payment solution that delivers payments in hours instead of days. We will create an innovative new payment and financing offering for customers in cash advances and credit-linked products, and in cryptocurrency,” Papaya Global’s Alex Margolin wrote in a blog post on behalf of the society.

The acquisition includes Azimo’s cutting-edge technology, extensive expertise in cross-border money transfers, a global digital payments network spanning more than 150 countries, and payment licenses in the UK, Netherlands, Canada, Australia and Hong Kong. the company said.

“I’m really passionate about this company, their business, their approach, the incredible global network they’ve built from the ground up, the people who made this possible – they do things the right way and I feel lucky to bring them into the papaya family,” Eynat Guez, co-founder and CEO of Papaya Global, said, “Azimo’s global digital payments network, multiple payment licenses and deep financial technology expertise strengthen our ability to help companies manage and pay their remote teams.

Azimo was founded in 2012 with the stated goal of providing services that enable faster and easier international money transfers with lower fees.

All Azimo employees will join the Papaya team.

“We look forward to partnering with Papaya to make it even easier for workers to get paid everywhere,” said Richard Ambrose, CEO of Azimo. “Papaya’s customers will benefit immensely from our long experience in building payment technologies and operating as a regulated payments business.

Todd A. Mitchell