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Azimo
Dutch money transfer company From Wikipedia, the free encyclopedia
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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]
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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]
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Operations
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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:
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]
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References
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