Papaya Global to Acquire Cross-Border Payments Service Azimo

Papaya Global, the international payroll management company, has agreed to acquire Azimo, the global digital cross-border payments service, the Tel Aviv company announced Monday (March 28). The terms of the deal were not disclosed.

The acquisition of Azimo is expected to expand Papaya’s payroll payments capacity and help companies manage their remote workforce, the company said.

Papaya’s cloud-based services are designed to help with global hiring, including onboarding, management and cross-border payments. It can also with meeting privacy standards.

“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 in a statement.

Azimo’s global digital payment network, multiple payment licenses and fintech expertise will also enable the company to build new payroll-related services, she added.

“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 Kentin in a statement.

Upon closing, Papaya Global will provide payment services in the United Kingdom, the Netherlands, Canada, Australia and Hong Kong, and have a digital payment network reaching more than 160 countries.

Last fall, the Times of Israel reported Papaya Global raised $250 million in a funding round.

Read more: Papaya Global Raises $250M Toward Onboarding, Cross-Border Pay

With the new funding, Papaya said it planned to focus on growth and attracting new, larger clients, including Fortune 500 companies.