Papaya Global is acquiring Azimo, a London-based money transfer company that Facebook originally wanted to purchase to help with its own remittance operations. Six months after raising $250 million, the global people management platform is making this acquisition to expand its cloud-based HR and payroll solution and offer new services including fast payroll payments globally.
The acquisition includes Azimo’s technology, expertise in cross-border money transfers, a global digital payment network reaching more than 150 countries, and – perhaps most significantly – payment licenses in the UK, the Netherlands, Canada, Australia and Hong Kong, according to a release from the company.
“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 payment and finance offering for clients in cash advance and credit-related products, and in cryptocurrency.”
The deal's terms aren't being made public, but according to a report by TechCrunch, the deal was between $150 million and $200 million. Papaya will take over the whole company, including all of Azimo's workers, upon the deal closing.
Papaya Global, which is backed by Insight Partners and Tiger Global, was valued at $3.7 billion in its most recent investment round in September 2021, after generating revenues by 300% annually for the previous three years.
According to Eynat Guez, Papaya Global CEO and co-founder, Azimo currently operates a payment network in more than 160 countries, whereas Papaya Global only had services in 150 countries prior to this deal, the TechCrunch report added.
Papaya Global will be able to extend its services as a result of the acquisition. These include not just faster payroll payment, but also a potentially far broader range of remittance services for persons who work in one nation but have family or others in another.
“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.”