Azimo
“Can a licensed cross-border remittance infrastructure become the compliant payment rail for global workforce payroll at scale?”
Founded2012
HQLondon, United Kingdom
Total raised$88.1M
Latest roundSecondary Market, 2020
IndustryFintech / Cross-border payments
The story
Founded in 2012 as a consumer remittance service targeting migrant workers sending money home, Azimo built a licensed cross-border payments infrastructure operating in 8+ countries with top-tier regulatory approvals in the UK and EEA. In March 2022, Azimo was acquired by Papaya Global, pivoting from a consumer-facing remittance app to the B2B payments backbone for Papaya Global's global workforce management platform — processing payroll and compliance payments directly to workers and local authorities across multiple currencies on local rails.
Product timeline
2012
Azimo founded in London with a mission to make international money transfers cheaper for migrants sending remittances abroad.· pivot
2020
European Investment Bank provided debt financing to Azimo under the InvestEU programme to expand affordable cross-border payments.· banking
2022
Azimo acquired by Papaya Global in March 2022, becoming Papaya Global's licensed payments arm for international workforce payments.· acquisition
Regulated entities
2
regulatory licences held by Azimo
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
0 layers disclosed in Azimo’s embedded-finance stack
Accounting gap: none