On the back of this, Papaya was valued at $3.7 billion. The company reached this impressive valuation after seeing 300% revenue growth year-on-year for the past three years.
At the time, founder and CEO Eynat Guez reflected in a blog post: “Papaya can take any organization live in record time – less than 3 months, including full onboarding – with zero IT resources on the client-side.
“This is a game-changer in the industry and one of the catalysts for our current hypergrowth.”
Now, the company intends to improve its offerings to its customer base with the acquisition of money transfer platform Azimo.
According to Tech Crunch, the acquisition will cost the company between $150 million and $200 million and will lead to the absorption of Azimo’s employees.
The investment will also help Papaya expand its reach further into Europe, Canada, Australia, and Hong Kong.
Additionally, Papaya’s services will also change. With this acquisition, Papaya will be able to offer instant payment and payroll services, as well as the streamlining of financial transactions across borders without large additional fees.
Papaya can also leverage the technology gained through the acquisition to offer an end-to-end product that covers hiring, employee experience, and payroll.
Comments on the possible acquisition
Speaking about the developing situation, Azimo CEO, Richard Ambrose, said: “We can’t wait to join forces with Papaya to make it even easier for workers to get paid anywhere in the world.
“Papaya’s customers will benefit hugely from our long experience in building payment technology and operating as a regulated payments business.”
Guez commented on a Papaya blog post: “I’m really passionate about this company [Azimo], their business, their approach, the amazing global network they built from the ground up, the people who made it happen – they do things the right way and I feel fortunate to bring them into the Papaya family.
“Azimo’s global digital payment network, multiple payment licenses and deep fintech expertise strengthens our ability to help companies manage and pay their remote teams.”
Thinking about the deal’s potential, Guez added: “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,
“Azimo’s global digital payment network, multiple payment licences, and deep fintech expertise will also enable us to build new payroll-related services for our business customers and their employees.”
The future looks bright for both companies, but of course, nothing is finalized until they both sign on the dotted line.
Sign up to the UNLEASH Newsletter
Get the Editor’s picks of the week delivered straight to your inbox!
