This release in Daily Journal announces an acquisition by Papaya Global of Azimo. Papaya is a New York-based 2016 fintech startup that provides a cloud-based HR and payroll platform for global workforce management. Azimo is a London-based fintech specializing in online money transfers, a low-cost alternative to legacy bank remittance services. So one can easily connect the dots and see how this deal can expand the reach of both organizations.
‘Papaya Global, the global people management platform for the remote working era, announced today that it has agreed to acquire Azimo, the global digital cross-border payments service, making it possible to pay employees almost instantly regardless of geography and typical payroll limitations…
The acquisition of Azimo will significantly expand Papaya’s capabilities in payroll payments and strengthen its promise to help companies smoothly manage their remote workforce from onboarding to payments…
“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,” said Eynat Guez, Papaya Global CEO and co-founder. “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.”‘
So, if you are a global remote workforce management software solution, one of the things that you might want to do is reduce cross-border money transfer costs for clients by gaining greater payment network access to various countries as well as acquiring money transfer licenses in many originating markets. This is what the deal accomplishes at the highest level. There is no disclosure as to the terms of the agreement since both firms are privately held. Just another indication of the ever-present and growing global workforce environment and need to manage costs in cross-border payments.
‘”Combining Azimo’s assets and expertise with an emerging global leader in remote working enablement like Papaya will allow them to deliver even more value for their business customers, especially those increasingly paying and managing remote employees,” said Azimo chairman and founder Michael Kent…
The acquisition is subject to standard closing conditions, including regulatory approval. The two companies will continue to operate independently until closing. All Azimo employees will join Papaya.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
