Leading global payroll provider Papaya Global is expanding the range of products and services it provides to its business customers worldwide as a result of its acquisition of the digital money transfer platform Azimo.

This follows the announcement that Papaya Global’s valuation has soared to $3.7 billion, which comes on the back of raising an additional $250 million through its latest Series D funding round. This represents a 10x increase in the Israeli company’s value since September 2020 and follows the $100 million raised from an earlier Series C round.

Leading this most recent funding round was global private equity and venture capital firm Insight Partners, along with Tiger Global and existing investors Scale Venture Partners, Bessemer Venture Partners, IVP, Alkeon Capital, Workday Ventures, Access Industries and Group 11.

With a global increase in remote working and the associated complexities of maintaining compliance across diverse jurisdictions, there is a growing need for companies to be able to manage tasks such as onboarding, payroll, and payments through a single unified platform.

The Papaya Global SaaS software system delivers these and other automated cloud-based payroll and global payment solutions for companies operating in over 150 countries. 

Azimo app makes moving money affordable 

The Azimo digital payment network enables businesses of all sizes to transfer money internationally quickly and securely, 24 hours a day. Available in more than 200 countries and 80 different currencies, the Azimo app and website make financial services more accessible and affordable at a rate that is up to 75% cheaper than banks and other money transfer providers (according to World Bank data).

Azimo’s technology, fintech expertise and multiple payment licenses will enhance the support Papaya Global provides to companies managing remote teams worldwide. "Azimo’s global digital payment network will also enable us to build new payroll-related services for our business customers and their employees,” said Papaya Global CEO Eynat Guez.

The acquisition means that Papaya Global is now able to deliver global payments in hours rather than days — including instant payroll payments — as well as enabling it to develop a range of new, cutting-edge payment solutions, including cryptocurrency, cash advance and credit-related products for its global client base.

Azimo acquisition to enhance services for Papaya’s clients

Acquiring Azimo significantly increases the range of services and products Papaya Global can provide. This will not only include instant payment of payroll, but also a greater range of remittance services for Papaya’s clients. 

Hitherto, Azimo has had a different core customer to Papaya Global, with its users more typically being remittance workers rather than salaried professionals. However, the acquisition of Azimo means that employees working in one country who want to send money to another will be able to do so via the integrated Papaya Global platform, rather than having to go through another third-party payment transfer provider, potentially at a greater cost and more inconvenience. 

In addition, the move will also facilitate Papaya Global’s expansion into a growing number of markets, as Azimo brings with it multiple payment licenses worldwide, including major centres such as the UK, the Netherlands, Canada, Australia, and Hong Kong. 

Making payment transfers more efficient for companies and employees

A further benefit that this acquisition will deliver for Papaya Global clients is an all-in-one, end-to-end service that will make it more cost-effective for companies to manage and pay remote employees through the provision of digital cross-border payments.

The Papaya Global cloud-based SaaS platform is fully customizable and can be integrated seamlessly with a range of HRIS management tools. It streamlines the management of global payroll regardless of a company’s physical location, as well as enables instant payroll payments to be made worldwide. 

This is a key feature that marks Papaya Global from other technology vendors in the global payroll and remote workforce management industry, and which makes it increasingly easy for companies and individuals to move money simply and quickly around the world.