• Papaya Global, an automated payroll and workforce management platform,  announced plans to acquire Azimo, a UK-based online remittance service, in a deal reportedly valued between USD 150 million and USD 200 million.

• Founded in 2012, Azimo enables online money transfers from ~25 countries (mostly in Europe) to 190+ countries and currently has over two million users. Azimo also facilitates instant/one-hour money transfers to 80+ countries. The company claims fees for Azimo remittances, in most cases, are up to 75% lower than fees charged by other transfer companies and banks.

• The Azimo acquisition is expected to help Papaya Global expand its geographical footprint as Azimo has payment licenses in the UK, the Netherlands, Canada, Australia, and Hong Kong. It has a payment network spanning 190+ countries, while Papaya Global operates in ~140 countries (pre-acquisition). The acquisition is also expected to enhance Papaya Global’s payroll payments and expand its offering to include a wider range of remittance services for clients managing remote teams.

<ul><li> Analyst QuickTake: The acquisition is in line with Papaya Global’s strategy to expand its offering to include complementary services for employees, extending beyond the onboarding, payroll, and HR tools for employers, to provide companies a comprehensive platform to manage a global workforce. Papaya Global acquired NickNack in November 2021 to enhance employee engagement and connectivity as well as Mensch's IP in July 2020 to strengthen its global service offerings.</ul>