What is Azimo?
Azimo, operating as a licensed payments arm of Papaya Global, provides a robust payment solution tailored for international workforce-related transactions. The platform enables direct payments to employees and local authorities, handles secure cross-border remittances in multiple currencies, and adheres to stringent regulatory frameworks. Key features include real-time payment tracking and status updates, enhancing operational efficiency for global businesses managing their workforce payments. Azimo's integration with Papaya Global signifies a consolidation of expertise in payroll and payment solutions for international markets.
How much funding has Azimo raised?
Azimo has raised a total of $86M across 6 funding rounds:
Angel/Seed
$1M
Series A
$10M
Series B
$20M
Unspecified
$15M
Series C
$20M
Debt
$20M
Angel/Seed (2013): $1M with participation from eVentures
Series A (2014): $10M led by TA Ventures, Greycroft Partners, eVentures, and RI Digital Ventures
Series B (2015): $20M supported by MCI Investments, Frog Capital, Greycroft Partners, and e.ventures
Unspecified (2016): $15M, investors not publicly disclosed
Series C (2018): $20M backed by Frog Capital, Greycroft Partners, MCI, Silicon Valley Bank, Quona Capital, Rakuten Capital, GR Capital Partners, and e.ventures
Debt (2020): $20M with participation from European Investment Bank
Key Investors in Azimo
Frog Capital
Frog Capital specializes in providing growth capital and operational support to purpose-driven European software scale-ups. Their services include a comprehensive Scale-Up Methodology, which offers toolkits, podcasts, and expert insights to help companies scale while maintaining their core values.
Greycroft Partners
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses.
Silicon Valley Bank
SVB Financial Group offers commercial and private banking, asset management, private wealth management, brokerage & investment services, funds management, and business valuation services. The company was founded in 1983 and is headquartered in Santa Clara, California.
What's next for Azimo?
The substantial enterprise-level funding and strategic investment received by Azimo, now part of Papaya Global, position the company for accelerated growth and expanded market penetration. Future developments are likely to focus on enhancing its compliance infrastructure, broadening its currency support, and deepening its integration with Papaya Global's broader financial technology offerings. This strategic backing suggests a continued emphasis on innovation in cross-border payroll and payment solutions, aiming to capture a larger share of the global workforce payment market.
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