Global staff management and payroll platform platform Papaya is to acquire remittance outfit Azimo, in a deal that will male it possible to pay employees almost instantly regardless of geography and typical payroll limitations.
The deal brings together Papaya's expertise in remote workforce management technology with Azimo's ability to move money instantly around the world.
"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," says Azimo chairman and founder Michael Kent (pictured).
Upon closing, Papaya Global will gain payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong, as well as a global digital payment network reaching more than 160 countries.
Eynat Guez, Papaya Global CEO and co-founder, comments: "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."
The value of the transaction has not been officially disclosed but TechCrunch is reporting a £150-£200 million price tag.
Papaya Global raised $250 million at a valuation of $3.7 billion in its last funding round in September 2021