Azimo

Type| Private
Industry| Financial technology
Fate| Acquired by PAPAYA Global
Founded| 2012; 14 years ago (2012)
Founders| Michael Kent, Marta Krupinska, Ricky Knox, Marek Wawro
Defunct| August 1, 2023 (2023-08-01)[1]
Headquarters|

Amsterdam

Netherlands

Area served

| Europe (sending);
worldwide (receiving)

Key people

| Michael Kent (Founder, EC)
Richard Ambrose (CEO)
Services| Money transfer
Website| azimo.com

Azimo B.V. was an online remittance service headquartered in Amsterdam, Netherlands. It also had offices in Kraków, Poland.[2]

Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offered more than 270,000 cash pick-up locations globally.[3] As of October 2019, sending countries were limited to Europe.[4][5]

In March 2022, Azimo was acquired by the New York–based payroll and payments solutions provider, PAPAYA Global, incorporating its licensed payment services to support global transactions.[6]

## Contents

* 1 History
* 1.1 Acquisition and current operations
* 2 Operations
* 3 References

## History

Azimo was founded in October 2012 in London, United Kingdom,[7] and initially operated as a direct-to-consumer money transfer service, allowing customers to send money across borders.[8]

In 2012 and 2015, Azimo raised significant funding, including $31 million in Series A and B funding from investors including Frog Capital, Greycroft, MCI.TechVentures, e.ventures, and Quona Capital.[9][10][11]

In 2016, an updated version of its app was launched with features including in-app chat and biometric security.[12]

As of early 2016, Azimo had raised $31 million in Series A and B funding[13] from investors including Frog Capital, Greycroft, MCI.TechVentures, e.ventures and Quona Capital. In May 2016, Japanese e-commerce company Rakuten invested in Azimo to accelerate the company's expansion into Asia.[14][15][16]

In 2020, Azimo moved to the Netherlands as a result of Brexit,[17][18] while its development office was in Kraków, Poland.[19][20]

### Acquisition and current operations

In March 2022, Azimo was acquired by PAPAYA Global, a global workforce management platform.[21] The acquisition marked a shift in Azimo's business model, from a direct-to-consumer money transfer service to the licensed payments arm of Papaya Global.[22][23] In August 2022, the company discontinued its consumer money transfer services.[24][25]

## Operations

Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offers more than 270,000 cash pick-up locations globally.[26] In 2016, an updated version of its app was launched with features including in-app chat and biometric security.[27]

As of October 2019, sending countries were limited to Europe that are primarily in the EU. The list of sending countries was:

* Austria
* Belgium
* Cyprus
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Norway
* Poland
* Portugal
* Slovakia
* Slovenia
* Spain
* Sweden
* Switzerland
* United Kingdom

As part of Papaya Global, Azimo now provides the regulatory and technical infrastructure for workforce-related payments. The company holds licenses in five top-tier jurisdictions, including the UK and European Economic Area (EEA), enabling Papaya Global to offer compliant payment services across multiple territories.[28][29]

Following the acquisition of Azimo, Papaya Global integrated Azimo's payment infrastructure and licenses to create a comprehensive global workforce payments solution. This integration enabled Papaya Global to become a payment solution specifically designed for workforce-related payments including net salaries, contractor payments, local tax authorities, vendors, etc.[30][31]

## References

1. ↑ Margolin, Alex (2022-03-28). "Papaya Global - how the world gets paid" (in en-US). https://www.papayaglobal.com/blog/papaya-acquires-innovative-money-transfer-company-azimo/.
2. ↑ "Azimo offers a cheaper way to send money home". The Washington Post. 24 November 2014. https://www.washingtonpost.com/posttv/business/azimo-offers-a-cheaper-way-to-send-money-home/2014/11/24/59b3f936-73c8-11e4-95a8-fe0b46e8751a_video.html.
3. ↑ Wall, Matthew (23 March 2015). "Money may make the world go round, but at what cost?". BBC News. https://www.bbc.co.uk/news/business-31639262.
4. ↑ Mavadiya, Madhvi. "A Look At Azimo And How It Has Reached Profitability" (in en). https://www.forbes.com/sites/madhvimavadiya/2019/08/30/a-look-at-azimo-and-how-it-has-reached-profitability/.
5. ↑ "How to Build a P2P Money Transfer Mobile App Like Azimo" (in en). https://agilie.com/blog/how-to-build-a-p2p-money-transfer-mobile-app-like-azimo.
6. ↑ April 2022, 4th (2022-04-04). "Money transfer app Azimo acquired by Papaya Global" (in en-GB). https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/.
7. ↑ "10 of the best money-saving apps". The Guardian. 12 April 2013. https://www.theguardian.com/money/2013/apr/12/10-best-money-saving-apps.
8. ↑ Jackson, Tom (2015-01-22). "Azimo launches Europe-West Africa remittance service" (in en-GB). https://disruptafrica.com/2015/01/22/azimo-launches-europe-west-africa-remittance-service/.
9. ↑ O'Hear, Steve (2013-09-29). "Azimo Raises $1M Seed Funding To Take Its Money Transfer Service To Europe" (in en-US). https://techcrunch.com/2013/09/29/western-who/.
10. ↑ Nair, Praseeda (2015-06-16). "Money transfer service Azimo raises $20m in Series B funding round" (in en-US). https://growthbusiness.co.uk/money-transfer-service-azimo-raises-20m-in-series-b-funding-round-12790/.
11. ↑ Dorbian, Iris (2015-06-15). "Frog Capital leads Series B round for Azimo" (in en-US). https://www.venturecapitaljournal.com/frog-capital-leads-series-b-round-for-azimo/.
12. ↑ "Azimo Launches New Version Of Mobile App" (in en-US). 20 October 2016. https://www.pymnts.com/mobile-applications/2016/azimo-launched-new-mobile-app/.
13. ↑ Ahmed, Murad. "Remittances group Azimo raises $20m on valuation of $100m". Financial Times. https://www.ft.com/content/1c34f6b6-0f75-11e5-b968-00144feabdc0.
14. ↑ Kharpal, Arjun (5 May 2016). "Azimo, a remittances start-up, raised $15M from Rakuten to expand into Asia". CNBC. https://www.cnbc.com/2016/05/05/azimo-a-remittances-start-up-raised-15m-from-rakuten-to-expand-into-asia.html.
15. ↑ Williams-Grut, Oscar (5 May 2016). "International money transfer app Azimo raises $15 million from Japan's Rakuten to crack Asia". Business Insider UK. https://www.businessinsider.com/azimo-raises-japan-rakuten-asia-2016-5.
16. ↑ Lunden, Ingrid (5 May 2016). "Remittance startup Azimo raises $15M from Viber owner, e-commerce giant Rakuten". TechCrunch. https://techcrunch.com/2016/05/05/azimo-rakuten/.
17. ↑ Betlem, Rutger (4 February 2020). "Europese investeringsbank steunt uitgeweken Brits bedrijf Azimo" (in nl). Het Financieele Dagblad. https://fd.nl/beurs/1333321/europese-investeringsbank-steunt-uitgeweken-brits-bedrijf-azimo.
18. ↑ Du Pré, Raoul. "Groeiend aantal bedrijven komt wegens brexit naar Nederland" (in nl). Nederlands Dagblad. https://www.nd.nl/nieuws/nederland/535047/groeiend-aantal-bedrijven-komt-wegens-brexit-naar-nederland.
19. ↑ "Azimo expands European operations with new office" (in en). https://thepaypers.com/payments-general/azimo-expands-european-operations-with-new-office--775585.
20. ↑ Frog (2019-05-19). "Azimo expand in Europe" (in en). https://frogcapital.com/think-frog/portfolio-news/azimo-expand-in-europe/.
21. ↑ April 2022, 4th (2022-04-04). "Money transfer app Azimo acquired by Papaya Global" (in en-GB). https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/.
22. ↑ Muhn (@julieschicktanz), Julie (2022-03-29). "HR and Payroll Company Papaya Global Buys Azimo" (in en-US). https://finovate.com/hr-and-payroll-company-papaya-global-buys-azimo/.
23. ↑ Lunden, Ingrid (2022-03-28). "Papaya Global to buy Azimo to expand its payroll payments" (in en-US). https://techcrunch.com/2022/03/28/papaya-global-to-buy-azimo-for-150m-200m-to-expand-its-payroll-payments-to-more-markets/.
24. ↑ "AZIMO SERVICING LTD filing history - Find and update company information - GOV.UK" (in en). https://find-and-update.company-information.service.gov.uk/company/13574459/filing-history.
25. ↑ "Azimo Business Alternative in the UK" (in en-GB). 2022-09-14. https://wise.com/gb/blog/azimo-business-alternative-uk.
26. ↑ Wall, Matthew (March 23, 2015). "Money may make the world go round, but at what cost?". BBC News. https://www.bbc.co.uk/news/business-31639262. Retrieved 4 May 2016.
27. ↑ Ginige, J. A.; Maeder, A. J. (2018-10-18) (in en). Transforming Healthcare Through Innovation in Digital Health: Selected Papers from Global Telehealth 2018. IOS Press. ISBN 978-1-61499-914-0. https://books.google.com/books?id=irh9DwAAQBAJ&dq=In+2016,+an+updated+version+of+its+app+was+launched+with+features+including+in-app+chat+and+biometric+security.&pg=PA59.
28. ↑ "Employer of Record Market Growth Research 2032 | Global Growth Insights" (in en). https://www.globalgrowthinsights.com/market-reports/employer-of-record-market-102101.
29. ↑ "Report: Papaya Global's Business Breakdown & Founding Story | Contrary Research" (in en). https://research.contrary.com/company/papaya-global.
30. ↑ "Published" (in en). https://financialit.net/node-statuses/published?page=968.
31. ↑ "BeSmartee Archives" (in en-US). 2022-04-05. https://finovate.com/category/besmartee/.

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