Azimo

Based in London, United Kingdom, Azimo is a digital money transfer and remittance service that facilitates cross-border payments and global workforce transactions. Prior to shifting its strategic focus toward B2B workforce payments, the consumer platform served over two million customers and supported international transfers to more than 200 countries in over 80 currencies. The network also provided users with access to a physical infrastructure of over 270,000 cash pickup locations worldwide. The company raised approximately $88 million in total venture funding before being acquired by Papaya Global for an estimated $200 million in March 2022. During its independent growth, the enterprise secured financial backing from notable institutional investors including Rakuten Capital, Greycroft, Frog Capital, and the European Investment Bank. Azimo was founded in 2012 by Michael Kent, Marta Krupinska, Ricky Knox, and Marek Wawro.

Azimo is a fintech company specializing in online and smartphone-based international money transfers, offering a fast, secure, and low-cost alternative to traditional remittance services. It serves individuals and small businesses primarily in Europe, enabling them to send money to over 200 countries in more than 80 currencies through a mobile-first platform with multiple payout options such as bank deposits, cash pickups, mobile wallets, and home delivery. Azimo addresses the high fees, slow speeds, and complexity of legacy remittance systems, promoting financial inclusion by making cross-border payments affordable and accessible. The company demonstrated strong growth, reaching over 1.1 million customers before being acquired in 2022 by Papaya Global, a global payroll and payments provider[1][2][4][5].

Azimo was founded in 2012 in London by a team focused on leveraging technology to disrupt the traditional remittance market. The idea emerged from recognizing the inefficiencies and high costs faced by migrant workers sending money home. Early traction included rapid customer adoption and significant funding rounds totaling $31 million from investors such as Frog Capital and Rakuten, which helped expand its reach into Asia and Europe. The company also established a research and development center in Kraków, Poland, and moved its headquarters to the Netherlands in 2020 due to Brexit. A pivotal moment was the launch of an updated app in 2016 featuring biometric security and in-app chat, enhancing user experience and trust[1][3][4].

Core Differentiators

• Comprehensive global network: Money transfers to over 200 countries with 80+ currencies and 270,000+ cash pickup locations worldwide.
• Mobile-first, user-friendly platform: Intuitive app and web interface designed for convenience, speed, and security.
• Multiple payout options: Including bank deposits, cash pickups, mobile wallets, mobile top-ups, and home delivery.
• Competitive pricing: Lower fees and better exchange rates compared to legacy remittance providers.
• Strong regulatory compliance: Licensed in multiple top-tier jurisdictions (UK, EEA), ensuring secure and compliant cross-border payments.
• Integration with Papaya Global: Post-acquisition, Azimo’s payment infrastructure supports global workforce payments with real-time tracking and local payment rails[1][2][4][5].

Role in the Broader Tech Landscape

Azimo rides the global trend of digital financial inclusion and the digitization of remittances, a market historically dominated by manual, expensive, and slow processes. The timing is critical as migrant worker populations grow and demand for faster, cheaper, and safer cross-border payments increases. Market forces such as smartphone penetration, regulatory modernization, and the rise of global gig and remote work further favor Azimo’s digital-first approach. By integrating with Papaya Global, Azimo extends its influence beyond consumer remittances into the broader global workforce payments ecosystem, helping to streamline international payroll and compliance[1][5].

Quick Take & Future Outlook

Following its acquisition by Papaya Global in 2022, Azimo is positioned to evolve from a consumer-focused remittance app into a key component of a comprehensive global payments platform for workforce management. Future trends shaping its journey include continued growth in cross-border labor mobility, increasing regulatory scrutiny, and demand for seamless, real-time payments. Azimo’s technology and compliance expertise will likely drive innovation in global payroll and payments, expanding its impact on the fintech ecosystem and further democratizing access to financial services worldwide[5].

This trajectory reflects Azimo’s original mission to improve millions of lives by making international money transfers more accessible, affordable, and technologically advanced.