Azimo Ltd.

Azimo Ltd. is a digital money transfer service that facilitates international remittances, offering users a fast, cost-effective platform to send money across borders. Founded in 2012 and headquartered in London, UK, Azimo specializes in digital remittances, allowing users to transfer money globally. The company was acquired by Papaya Global, Inc.

for USD 200 mn on March 28, 2022, to enhance its cross-border payment capabilities. The founder, Ivan I. , continues to serve as CEO. Azimo has completed 9 investment deals in its history, raising a total of USD 20 mn across various funding rounds, with the latest being an Add-on round led by Papaya Global Ltd.

Azimo provides a digital platform for international money transfers, enabling users to send funds online with options for bank deposits and cash pickups. Its services address high fees and slow transfers associated with traditional banking. Targeting expatriates and migrant workers, Azimo operates primarily in Europe, Africa, and Asia, where there is strong demand for affordable remittance solutions. In the most recent fiscal year of 2023, Azimo generated revenue of USD 608,982.

1, with an EBITDA of USD -252,251. 4, reflecting its operational performance. Azimo plans to leverage its recent acquisition by Papaya Global to expand its market presence and enhance service offerings. The company aims to introduce new products designed to streamline cross-border payments and target additional geographic regions.

With the USD 200 mn funding from the acquisition, Azimo will focus on scaling its operations and entering new markets to meet the increasing demand for digital payment solutions.