Azimo
{{short description|Dutch money transfer company}}
{{Infobox company
| name = Azimo
| logo = Azimo-lozenge-tagline-large.png
| logo_size = 250px
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| type = Private
| industry = Financial technology
| founded = {{start date and age|2012}}
| founders = Michael Kent, Marta Krupinska, Ricky Knox, Marek Wawro
| defunct = {{End date|2023|08|01}}{{Cite web |last=Margolin |first=Alex |date=2022-03-28 |title=Papaya Global - how the world gets paid |url=https://www.papayaglobal.com/blog/papaya-acquires-innovative-money-transfer-company-azimo/ |access-date=2024-12-16 |website=Papaya Global |language=en-US}}
| fate = Acquired by PAPAYA Global
| hq_location =
| hq_location_city = Amsterdam
| hq_location_country = Netherlands
| area_served = Europe (sending);
worldwide (receiving)
| key_people = Michael Kent (Founder, EC)
Richard Ambrose (CEO)
| products =
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| services = Money transfer
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| website = [http://azimo.com/en/ azimo.com]
}}
Azimo B.V. was an online remittance service headquartered in Amsterdam, Netherlands. It also had offices in Kraków, Poland.{{cite news|title=Azimo offers a cheaper way to send money home|url=https://www.washingtonpost.com/posttv/business/azimo-offers-a-cheaper-way-to-send-money-home/2014/11/24/59b3f936-73c8-11e4-95a8-fe0b46e8751a_video.html|newspaper=The Washington Post|access-date=4 May 2016|date=24 November 2014}}
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.{{cite web|last1=Wall|first1=Matthew|title=Money may make the world go round, but at what cost?|url=https://www.bbc.co.uk/news/business-31639262|work=BBC News|access-date=4 May 2016|date=23 March 2015}} As of October 2019, sending countries were limited to Europe.{{Cite web |last=Mavadiya |first=Madhvi |title=A Look At Azimo And How It Has Reached Profitability |url=https://www.forbes.com/sites/madhvimavadiya/2019/08/30/a-look-at-azimo-and-how-it-has-reached-profitability/ |access-date=2024-12-16 |website=Forbes |language=en}}{{Cite web |title=How to Build a P2P Money Transfer Mobile App Like Azimo |url=https://agilie.com/blog/how-to-build-a-p2p-money-transfer-mobile-app-like-azimo |access-date=2024-12-16 |website=agilie.com |language=en}}
In March 2022, Azimo was acquired by the New York–based payroll and payments solutions provider, PAPAYA Global, incorporating its licensed payment services to support global transactions.{{Cite web |last=April 2022 |first=4th |date=2022-04-04 |title=Money transfer app Azimo acquired by Papaya Global |url=https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/ |access-date=2022-04-05 |website=FinTech Futures |language=en-GB}}
History
Azimo was founded in October 2012 in London, United Kingdom,{{cite web|author1=Lunn, Emma|author2=Collinson, Patrick|title=10 of the best money-saving apps|url=https://www.theguardian.com/money/2013/apr/12/10-best-money-saving-apps|work=The Guardian|access-date=4 May 2016|date=12 April 2013}} and initially operated as a direct-to-consumer money transfer service, allowing customers to send money across borders.{{Cite web |last=Jackson |first=Tom |date=2015-01-22 |title=Azimo launches Europe-West Africa remittance service |url=https://disruptafrica.com/2015/01/22/azimo-launches-europe-west-africa-remittance-service/ |access-date=2024-12-16 |website=Disrupt Africa |language=en-GB}}
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.{{Cite web |last=O'Hear |first=Steve |date=2013-09-29 |title=Azimo Raises $1M Seed Funding To Take Its Money Transfer Service To Europe |url=https://techcrunch.com/2013/09/29/western-who/ |access-date=2024-12-16 |website=TechCrunch |language=en-US}}{{Cite web |last=Nair |first=Praseeda |date=2015-06-16 |title=Money transfer service Azimo raises $20m in Series B funding round |url=https://growthbusiness.co.uk/money-transfer-service-azimo-raises-20m-in-series-b-funding-round-12790/ |access-date=2024-12-16 |website=Growth Business |language=en-US}}{{Cite web |last=Dorbian |first=Iris |date=2015-06-15 |title=Frog Capital leads Series B round for Azimo |url=https://www.venturecapitaljournal.com/frog-capital-leads-series-b-round-for-azimo/ |access-date=2024-12-16 |website=Venture Capital Journal |language=en-US}}
In 2016, an updated version of its app was launched with features including in-app chat and biometric security.{{Cite web|date=20 October 2016|title=Azimo Launches New Version Of Mobile App|url=https://www.pymnts.com/mobile-applications/2016/azimo-launched-new-mobile-app/|access-date=22 December 2020|website=Pymnts.com|language=en-US}}
As of early 2016, Azimo had raised $31 million in Series A and B funding{{cite web|last1=Ahmed|first1=Murad|title=Remittances group Azimo raises $20m on valuation of $100m|url=http://www.ft.com/cms/s/1c34f6b6-0f75-11e5-b968-00144feabdc0,Authorised=false.html?siteedition=uk&_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F1c34f6b6-0f75-11e5-b968-00144feabdc0.html%3Fsiteedition%3Duk&_i_referer=&classification=conditional_standard&iab=barrier-app#axzz43pcp7zWX|publisher=Financial Times|access-date=4 May 2016}} 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.{{cite web|last1=Kharpal|first1=Arjun|title=Azimo, a remittances start-up, raised $15M from Rakuten to expand into Asia|url=https://www.cnbc.com/2016/05/05/azimo-a-remittances-start-up-raised-15m-from-rakuten-to-expand-into-asia.html|publisher=CNBC|access-date=5 May 2016|date=5 May 2016}}{{cite web|last1=Williams-Grut|first1=Oscar|title=International money transfer app Azimo raises $15 million from Japan's Rakuten to crack Asia|url=https://www.businessinsider.com/azimo-raises-japan-rakuten-asia-2016-5|publisher=Business Insider UK|access-date=5 May 2016|date=5 May 2016}}{{cite web|last1=Lunden|first1=Ingrid|title=Remittance startup Azimo raises $15M from Viber owner, e-commerce giant Rakuten|url=https://techcrunch.com/2016/05/05/azimo-rakuten/|publisher=TechCrunch|access-date=5 May 2016|date=5 May 2016}}
In 2020, Azimo moved to the Netherlands as a result of Brexit,{{cite news|title=Europese investeringsbank steunt uitgeweken Brits bedrijf Azimo|newspaper=Het Financieele Dagblad|language=nl|first=Rutger|last=Betlem|date=4 February 2020|access-date=2 February 2021|url=https://fd.nl/beurs/1333321/europese-investeringsbank-steunt-uitgeweken-brits-bedrijf-azimo}}{{cite news|url=https://www.nd.nl/nieuws/nederland/535047/groeiend-aantal-bedrijven-komt-wegens-brexit-naar-nederland|title=Groeiend aantal bedrijven komt wegens brexit naar Nederland|language=nl|newspaper=Nederlands Dagblad|first=Raoul|last=Du Pré}} while its development office was in Kraków, Poland.{{Cite web |title=Azimo expands European operations with new office |url=https://thepaypers.com/payments-general/azimo-expands-european-operations-with-new-office--775585 |access-date=2024-12-16 |website=thepaypers.com |language=en}}{{Cite web |last=Frog |date=2019-05-19 |title=Azimo expand in Europe |url=https://frogcapital.com/think-frog/portfolio-news/azimo-expand-in-europe/ |access-date=2024-12-16 |website=Frog Capital |language=en}}
= Acquisition and current operations =
In March 2022, Azimo was acquired by PAPAYA Global, a global workforce management platform.{{Cite web |last=April 2022 |first=4th |date=2022-04-04 |title=Money transfer app Azimo acquired by Papaya Global |url=https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/ |access-date=2024-12-16 |website=www.fintechfutures.com |language=en-GB}} 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.{{Cite web |last=Muhn (@julieschicktanz) |first=Julie |date=2022-03-29 |title=HR and Payroll Company Papaya Global Buys Azimo |url=https://finovate.com/hr-and-payroll-company-papaya-global-buys-azimo/ |access-date=2024-12-16 |website=Finovate |language=en-US}}{{Cite web |last=Lunden |first=Ingrid |date=2022-03-28 |title=Papaya Global to buy Azimo to expand its payroll payments |url=https://techcrunch.com/2022/03/28/papaya-global-to-buy-azimo-for-150m-200m-to-expand-its-payroll-payments-to-more-markets/ |access-date=2024-12-16 |website=TechCrunch |language=en-US}} In August 2022, the company discontinued its consumer money transfer services.{{Cite web |title=AZIMO SERVICING LTD filing history - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/13574459/filing-history |access-date=2024-12-16 |website=find-and-update.company-information.service.gov.uk |language=en}}{{Cite web |date=2022-09-14 |title=Azimo Business Alternative in the UK |url=https://wise.com/gb/blog/azimo-business-alternative-uk |access-date=2024-12-16 |website=Wise |language=en-GB}}
Operations
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.{{cite web|last1=Wall|first1=Matthew|title=Money may make the world go round, but at what cost?|url=https://www.bbc.co.uk/news/business-31639262|publisher=BBC News|accessdate=4 May 2016|date=March 23, 2015}} In 2016, an updated version of its app was launched with features including in-app chat and biometric security.{{Cite book |last1=Ginige |first1=J. A. |url=https://books.google.com/books?id=irh9DwAAQBAJ&dq=In+2016,+an+updated+version+of+its+app+was+launched+with+features+including+in-app+chat+and+biometric+security.&pg=PA59 |title=Transforming Healthcare Through Innovation in Digital Health: Selected Papers from Global Telehealth 2018 |last2=Maeder |first2=A. J. |date=2018-10-18 |publisher=IOS Press |isbn=978-1-61499-914-0 |language=en}}
As of October 2019, sending countries were limited to Europe that are primarily in the EU. The list of sending countries was:
{{div col|colwidth=22em}}
- {{flag|Austria}}
- {{flag|Belgium}}
- {{flag|Cyprus}}
- {{flag|Denmark}}
- {{flag|Estonia}}
- {{flag|Finland}}
- {{flag|France}}
- {{flag|Germany}}
- {{flag|Greece}}
- {{flag|Ireland}}
- {{flag|Italy}}
- {{flag|Latvia}}
- {{flag|Lithuania}}
- {{flag|Luxembourg}}
- {{flag|Malta}}
- {{flag|Netherlands}}
- {{flag|Norway}}
- {{flag|Poland}}
- {{flag|Portugal}}
- {{flag|Slovakia}}
- {{flag|Slovenia}}
- {{flag|Spain}}
- {{flag|Sweden}}
- {{flag|Switzerland}}
- {{flag|United Kingdom}}
{{div col end}}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.{{Cite web |title=Employer of Record Market Growth Research 2032 {{!}} Global Growth Insights |url=https://www.globalgrowthinsights.com/market-reports/employer-of-record-market-102101 |access-date=2024-12-16 |website=www.globalgrowthinsights.com |language=en}}{{Cite web |title=Report: Papaya Global's Business Breakdown & Founding Story {{!}} Contrary Research |url=https://research.contrary.com/company/papaya-global |access-date=2024-12-16 |website=research.contrary.com |language=en}}
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.{{Cite web |title=Published |url=https://financialit.net/node-statuses/published?page=968 |access-date=2024-12-16 |website=Financial IT |language=en}}{{Cite web |date=2022-04-05 |title=BeSmartee Archives |url=https://finovate.com/category/besmartee/ |access-date=2024-12-16 |website=Finovate |language=en-US}}