Israeli enterprise workforce management platform Papaya Global, announced this week it is set to acquire London-based money transfer company Azimo, to enhance its cloud-based HR and payroll platform.
The acquisition comes six months after Papaya Global secured $250 million in a Series D funding round, which brought its valuation to $3.7 billion.
“Together with Azimo, Papaya Global will be able to offer a payments solution that delivers payments in hours instead of days. We will build an innovative new payments and finance offering for clients in cash advance and credit-related products, and in cryptocurrency,” Papaya Global’s Alex Margolin wrote in a blog post on behalf of the company.
The acquisition includes Azimo’s advanced technology, extensive expertise in cross-border money transfers, a global digital payment network reaching more than 150 countries, and payment licenses in the UK, the Netherlands, Canada, Australia and Hong Kong. the company said.
“I’m really passionate about this company, their business, their approach, the amazing global network they built from the ground up, the people who made it happen – they do things the right way and I feel fortunate to bring them into the Papaya family,” Eynat Guez, Papaya Global co-founder and CEO, said, “Azimo’s global digital payment network, multiple payment licenses and deep fintech expertise strengthens our ability to help companies manage and pay their remote teams.”
Azimo was founded in 2012 with the expressed purpose to provide services enabling faster and easier international money transfers with cheaper fees.
All of Azimo’s employees will join the Papaya team.
“We can’t wait to join forces with Papaya to make it even easier for workers to get paid anywhere in the world,” said Richard Ambrose, Azimo’s CEO. “Papaya’s customers will benefit hugely from our long experience in building payment technology and operating as a regulated payments business.