Acquisition of UK fintech Azimo will address home-working challenges for enterprises

Dave March 31, 2022

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UK fintech obtained by Papaya Global is having a appreciate to pork up injurious-border worker funds

Karl Flinders,
Emea Explain material Editor, Computer Weekly

Printed: 30 Mar 2022 13: 45

UK injurious-border funds fintech Azimo has been obtained by payroll specialist Papaya Global, which plans to impart the takeover to ease the plug to some distance flung working for its project customers.

Using Azimo’s technology Papaya customers could be ready to in discovering quick funds to staff irrespective of their geographic plan.

Azimo used to be region up in 2012 to allow of us to in discovering injurious-border transactions in seconds through a smartphone app, at a considerably decrease cost than broken-down excessive freeway cash transfer shops. Its world digital funds network covers 150 countries, and entails price licences in the UK, Netherlands, Canada, Australia and Hong Kong.

Eynat Guez, Papaya Global CEO and co-founder, acknowledged: “Payroll funds made easy irrespective of geography are what region us other than diversified technology distributors, and this acquisition will in discovering it that that you just might perchance perchance perhaps be also bear in mind for companies to in discovering quick funds to their world groups.

“Azimo’s world digital price network, extra than one price licences, and deep fintech abilities might perchance also allow us to plan contemporary payroll-associated products and services for our industry customers and their staff.”

All Azimo staff – including at areas in London, Amsterdam and at its tech hub in Kraków – could be a part of Papaya.

Azimo chairman and founder Michael Kent, acknowledged: “Combining Azimo’s assets and abilities with an rising world chief in some distance flung working enablement take care of Papaya will allow them to bring vital extra cost for their industry customers, specifically those extra and extra paying and managing some distance flung staff.”

The Covid-19 pandemic resulted in the introduction of home working as companies strived to decrease the spread of coronavirus. The success of these emergency measures resulted in of us reconsidering how staff work.

Many companies like invested in the technologies required to allow staff to make cash working from home successfully and securely and like formalised insurance policies.

Azimo is the latest UK fintech to be obtained in a further and extra important sector for the country’s economy. Funding in UK fintechs used to be seven cases better in 2021 than in the outdated 365 days, boosted by a file selection of deals.

Primarily based utterly on a latest picture from KPMG, UK fintech funding elevated from $5.2bn in 2020 to a “staggering” $37.3bn (£27.5bn) last 365 days.

Azimo used to be integrated in January 2012 and by October the the same 365 days the most important transfers through the platform had been made. “We had been beta testing it with associates and family outdated to that, however the most important customers we had by no manner met coming through the stack used to be October 2012,” Kent urged Computer Weekly in a 2019 interview.