Papaya Global to Buy Cross-Border Payments Firm Azimo

"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."

Fintech company Papaya Global will acquire London-based digital cross-border payments service Azimo.

Terms of the deal were not disclosed, but media reports in Israel say the acquisition could be valued at $200 million (£152.5 million) in both cash and stock.

Papaya Global (not to be confused with mobile app Papaya in Los Angeles) is headquartered in New York but has its roots in Israel. Its team currently spans Tel Aviv, Austin, London, Kiev, Singapore and Melbourne.

Eynat Guez, Papaya Global CEO and Co-Founder, states: “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.”

Azimo was founded in 2012 and operates in the B2B and B2C sectors. A famous fintech rival is Wise.

Papaya Global is newer and was established in 2016. It offers automated software for payroll, payments and HR. The fintech firm has some notable customers – such as Toyota, Panasonic, Microsoft and Shopify.

The acquisition is subject to standard closing conditions, including regulatory approval.  The two companies will continue to operate independently until closing. All Azimo employees (186 are listed on LinkedIn) will join Papaya Global.

Upon closing, Papaya Global will gain payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong, as well as a digital payment network reaching more than 160 countries.

Based on Crunchbase data, Papaya Global has raised a total of $444.5 million (£338 million) in funding over seven rounds. Its latest funding was raised in September 2021.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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