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Azimo

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Azimo
Company typePrivate
IndustryFinancial technology
Founded2012; 12 years ago (2012)
FoundersMichael Kent, Marta Krupinska, Ricky Knox, Marek Wawro
DefunctAugust 1, 2023 (2023-08-01)[1]
Headquarters
Amsterdam
,
Netherlands
Area served
Europe (sending);
worldwide (receiving)
Key people
Michael Kent (Founder, EC)
Richard Ambrose (CEO)
ServicesMoney transfer
Websiteazimo.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,[6]   incorporating its licensed payment services to support global transactions.

History

[edit]

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

[edit]

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

[edit]

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]

References

[edit]
  1. ^ Margolin, Alex (2022-03-28). "Papaya Global - how the world gets paid". Papaya Global. Retrieved 2024-12-16.
  2. ^ "Azimo offers a cheaper way to send money home". The Washington Post. 24 November 2014. Retrieved 4 May 2016.
  3. ^ Wall, Matthew (23 March 2015). "Money may make the world go round, but at what cost?". BBC News. Retrieved 4 May 2016.
  4. ^ Mavadiya, Madhvi. "A Look At Azimo And How It Has Reached Profitability". Forbes. Retrieved 2024-12-16.
  5. ^ "How to Build a P2P Money Transfer Mobile App Like Azimo". agilie.com. Retrieved 2024-12-16.
  6. ^ April 2022, 4th (2022-04-04). "Money transfer app Azimo acquired by Papaya Global". FinTech Futures. Retrieved 2022-04-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  7. ^ Lunn, Emma; Collinson, Patrick (12 April 2013). "10 of the best money-saving apps". The Guardian. Retrieved 4 May 2016.
  8. ^ Jackson, Tom (2015-01-22). "Azimo launches Europe-West Africa remittance service". Disrupt Africa. Retrieved 2024-12-16.
  9. ^ O'Hear, Steve (2013-09-29). "Azimo Raises $1M Seed Funding To Take Its Money Transfer Service To Europe". TechCrunch. Retrieved 2024-12-16.
  10. ^ Nair, Praseeda (2015-06-16). "Money transfer service Azimo raises $20m in Series B funding round". Growth Business. Retrieved 2024-12-16.
  11. ^ Dorbian, Iris (2015-06-15). "Frog Capital leads Series B round for Azimo". Venture Capital Journal. Retrieved 2024-12-16.
  12. ^ "Azimo Launches New Version Of Mobile App". Pymnts.com. 20 October 2016. Retrieved 22 December 2020.
  13. ^ Ahmed, Murad. "Remittances group Azimo raises $20m on valuation of $100m". Financial Times. Retrieved 4 May 2016.
  14. ^ Kharpal, Arjun (5 May 2016). "Azimo, a remittances start-up, raised $15M from Rakuten to expand into Asia". CNBC. Retrieved 5 May 2016.
  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. Retrieved 5 May 2016.
  16. ^ Lunden, Ingrid (5 May 2016). "Remittance startup Azimo raises $15M from Viber owner, e-commerce giant Rakuten". TechCrunch. Retrieved 5 May 2016.
  17. ^ Betlem, Rutger (4 February 2020). "Europese investeringsbank steunt uitgeweken Brits bedrijf Azimo". Het Financieele Dagblad (in Dutch). Retrieved 2 February 2021.
  18. ^ Du Pré, Raoul. "Groeiend aantal bedrijven komt wegens brexit naar Nederland". Nederlands Dagblad (in Dutch).
  19. ^ "Azimo expands European operations with new office". thepaypers.com. Retrieved 2024-12-16.
  20. ^ Frog (2019-05-19). "Azimo expand in Europe". Frog Capital. Retrieved 2024-12-16.
  21. ^ April 2022, 4th (2022-04-04). "Money transfer app Azimo acquired by Papaya Global". www.fintechfutures.com. Retrieved 2024-12-16.{{cite web}}: CS1 maint: numeric names: authors list (link)
  22. ^ Muhn (@julieschicktanz), Julie (2022-03-29). "HR and Payroll Company Papaya Global Buys Azimo". Finovate. Retrieved 2024-12-16.
  23. ^ Lunden, Ingrid (2022-03-28). "Papaya Global to buy Azimo to expand its payroll payments". TechCrunch. Retrieved 2024-12-16.
  24. ^ "AZIMO SERVICING LTD filing history - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2024-12-16.
  25. ^ "Azimo Business Alternative in the UK". Wise. 2022-09-14. Retrieved 2024-12-16.
  26. ^ Wall, Matthew (March 23, 2015). "Money may make the world go round, but at what cost?". BBC News. Retrieved 4 May 2016.
  27. ^ Ginige, J. A.; Maeder, A. J. (2018-10-18). Transforming Healthcare Through Innovation in Digital Health: Selected Papers from Global Telehealth 2018. IOS Press. ISBN 978-1-61499-914-0.
  28. ^ "Employer of Record Market Growth Research 2032 | Global Growth Insights". www.globalgrowthinsights.com. Retrieved 2024-12-16.
  29. ^ "Report: Papaya Global's Business Breakdown & Founding Story | Contrary Research". research.contrary.com. Retrieved 2024-12-16.
  30. ^ "Published". Financial IT. Retrieved 2024-12-16.
  31. ^ "BeSmartee Archives". Finovate. 2022-04-05. Retrieved 2024-12-16.
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