Money transfer app Azimo has recently been acquired by the payroll and payments firm Papaya Global. The acquisition was announced on October 28th, marking a major milestone for Azimo and Papaya Global.
With this latest movie, both companies are working together to build a more comprehensive financial service ecosystem for business and consumers across the globe. Let’s look at what this acquisition could mean for both parties.
Overview of Azimo
Azimo is a leading financial technology company on a mission to make global payments faster, easier and more cost-effective. Founded in 2012 by Michael Kent, Marta Krupinska and Ricky Knox, Azimo’s innovative digital platform helps people to send and receive money quickly at low cost.
In recent years, Azimo has experienced strong growth thanks to the adoption of their free mobile app, enabling customers to make money transfers in more than 195 countries with competitive exchange rates. The company also enables customers to pay bills with credit cards or bank transfers on the apps.
Azimo provides a secure and convenient experience for sending international payments via its intuitive app available on iOS and Android devices and web browsers. Financial institutions can also integrate directly with Azimo’s API for direct bank-to-bank transfers that are faster, safer and cheaper than alternatives.
In 2020, Azimo was acquired by Papaya Global who recognized the potential of the business’ technology and infrastructure helping policymakers change how people move money around the world quickly and securely.
Overview of Papaya Global
Papaya Global is a comprehensive global workforce platform that helps organisations manage and optimise their contingent workforce and remote teams. The company provides services for organisations of all sizes, including recruiting and onboarding, payroll, compliance management, benefits & HR, travel and expense management, analytics and more. Papaya’s mission is to enable companies to manage their distributed workforce most effectively and efficiently.
Founded in 2018 by CEO Eynat Guez, Papaya Global is based in Tel Aviv and has offices in New York City; London; Paris; Berlin; Los Angeles; Sofia, Bulgaria; Tokyo; Barcelona and Buenos Aires. Along with Azimo they have over 200 team members across 10 countries currently serving the global workforce needs of thousands of customers worldwide.
The acquisition of Azimo adds 90 employees who are experienced experts in payroll-processing automation — a core piece of Papaya’s platform—while also expanding Papaya’s market reach into Europe. In addition, Azimo’s innovative engineering team has made tremendous strides in creating self-service payment processes that significantly reduce the time it takes for mid-market companies to realise the full benefits of managing their global payroll processing on such platforms as Asana or Workato.
Azimo’s technology complements Papaya’s mission focused on transforming people operations from legacy operations to modern cloud-based processes that add sustainable value to organisations worldwide by leveraging data science-driven predictive models for automated end-to-end insights into labour costs and regulatory compliance issues involving global payroll administration.
Money transfer app Azimo acquired by payroll and payments firm Papaya Global
Recently, money transfer app Azimo made headlines after being acquired by payroll and payments firm Papaya Global. This acquisition is expected to bridge the gap between payments and money transfers globally, and aims to provide customers with a more seamless user experience.
Let’s explore the details of this acquisition and what it means for Papaya Global and Azimo.
Terms of the acquisition
Papaya Global, a software-as-a-service (SaaS) platform for the international workforce, announced today it has acquired Azimo, a digital remittance platform and provider of payment services. The terms of the acquisition have not been disclosed.
Azimo offers users an alternative to traditional remittance methods when sending money worldwide. Its instant money transfers, bank deposits and mobile wallet platforms make it easier for anyone to pay globally within minutes. In addition, Papaya Global will use Azimo’s technology and expertise to expand its SaaS offerings for global payroll and international workforce compliance to over 200 countries and territories.
The combined offering enables customers to better manage their workforce compliance responsibilities across different jurisdictions, reduce the cost of doing business abroad, and enable them to pay their international contractors in local currencies hassle-free while complying with local regulations. The new capabilities will build on Papaya Global’s already extensive range of services that enable customers to simply onboard new team members anywhere in the world in person or remotely, pay them quickly with automated payrolls across borders, provide access control to online programmes, legal documents or files while monitoring employee activity at all times – all from one place.
Reasons for the acquisition
The acquisition of Azimo by Papaya Global signifies an important milestone for the company. Azimo is an international money transfer platform that has grown steadily over the past few years. Azimo’s strengths lie in its sophisticated technology & innovative services, designed to make money transfers faster, more efficient, and safer.
Papaya Global is a financial service provider which offers integrated technology solutions to manage payroll & international transfers. The Azimo acquisition will provide Papaya Global with advantages not available earlier, such as risk-free money transfer services and improved customer experience management.
Additionally, with the acquisition of Azimo, existing users can now benefit from comprehensive service offerings from Papaya such as online payroll, expense management and multi-currency payments directly through their preferred banking channels. Together, the two brands will act as a powerful force to provide intuitive financial solutions for customers worldwide.
Furthermore, this move not only strengthens Papaya’s presence in Europe but also enables it to tap into new markets across Asia and Africa – which were impossible before due to regulatory limitations or technical infrastructures associated with those regions. In short: The strategic alliance between these two companies will bring great value to customers worldwide who rely on their services for efficient global payment processes.
Impact of the Acquisition
The recent acquisition of money transfer app Azimo by payroll and payments firm Papaya Global is a major milestone for the industry. Not only does it indicate the potential of the digital market, but it also reveals the potential benefits of this acquisition for both parties involved.
In this article, we will explore the impacts of this acquisition and the potential benefits to the customers of both companies.
Benefits for Azimo
The acquisition by Papaya Global of Azimo, a leading FinTech company, has been a groundbreaking deal in the Fintech sector. This merger has provided both firms with opportunities to accelerate their growth trajectories and provide much more value to their customers and ecosystems.
For Azimo, this acquisition strengthens its foothold in the global international remittance and payments market while providing them with access to new markets and technology that can dramatically impact their business. Additionally, the resources from Papaya Global’s have enabled Azimo to expand into new markets such as North America, Asia-Pacific and Latin America. Moreover, this expansive growth also opens up more opportunities for collaboration within the banking/fintech community across these regions and strengthens existing partnerships of both companies.
The acquisition also brings an influx of expertise in product innovation, enabling Azimo to develop its digital payment solutions rapidly and successfully bring diversified products into the market. Furthermore, this allows Azimo to scale-up customer service initiatives such as improved customer support availability and access to new payment platforms that enable customers to transact quickly and securely with low transaction fees. Finally, one other major benefit is access to Papaya Global’s risk-mitigating technologies, which help protect against financial fraud through real-time detection, which ensure smooth operations for financial transactions within Azimo’s network.
Benefits for Papaya Global
The acquisition of Azimo by Papaya Global has numerous benefits that promise to help the company maintain its position as a leading provider of cross-border payments solutions. As an innovator in the industry, Papaya Global sees great potential for growth through the integration of Azimo’s products and services. By combining the two companies’ best-in-class technology and customer base, Papaya Global can enhance its overall offering with advanced money transfers and other new features.
Some of the major benefits that Papaya Global stands to gain from this acquisition include:
-Access to a larger customer base: Through Azimo, Papaya Global gains access to a larger customer base across Europe and Southwest Asia. This adds considerable value by allowing them to expand their reach into new markets and offer competitive pricing in existing and new regions.
-Increased liquidity: With added liquidity through pre-funded accounts, Papaya Global can provide customers with faster transfer times while offering competitive transfer rates. This allows them to stay competitive while also providing more convenient services.
-Enhanced security: Both companies have robust security protocols, which will be further reinforced through this merger and high levels of process automation. This results in improved customer data security and a much lower risk for fraudulent activity or money laundering attempts.
Overall, acquiring Azimo provides important advantages for all stakeholders involved and will benefit both companies involved in terms of further expansion opportunities, added liquidity and improved customer service.
tags = Money transfer app, Azimo, payroll and payments firm, Papaya Global, New York-based, payments in hours, papaya global hr series partners 1b lundentechcrunch, Launched in 2016, 150+ countries, London-based Azimo