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Israeli unicorn Papaya Global acquires UK fintech Azimo

Papaya Global

Israeli payroll and HR software company Papaya Global is set to acquire London-based money transfer company Azimo.

The fee is currently undisclosed. However, a source close to the deal told TechCrunch that the deal values Azimo at between $150m and $200m.

Cloud-based HHR and payroll company Papaya Global will be acquiring the entire company and all employees of Azimo, as it seeks an expansion into other markets and offer additional services.

This comes just six months after a $250m funding round put Papaya Global’s value at $3.7bn, following a streak of three years of 300% growth in revenues per year.

Azimo – a fintech money transfer company that competes with firms like Wise – has previously raised funds from investors such as Rakuten capital, the corporate VC arm of the Japanese tech giant.

The British remittance firm was previously on a list of companies that Facebook was looking to acquire as it sought to add money transfers to its services, which later took the form of Facebook Pay.

Azimo currently operates with regulatory approval in more than 160 countries, allowing Papaya Global to further extend its considerable international reach. Papaya will also integrate Azimo’s instant payroll payment and other remittance services into the company.

“Papaya’s customers will benefit hugely from our long experience in building payment technology and operating as a regulated payments business,” said Azimo CEO Richard Ambrose.

Papaya Global co-founder and CEO Eynat Guez said: “Payroll payments made easy regardless of geography are what set us apart from other technology vendors, and this acquisition will make it possible for companies to make instant payments to their global teams.”

Guez added: “Azimo’s global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees”.

Founded in 2016, Papaya Global has offices in Israel, the US and Hong Kong.