Mergers & Acquisitions

Digital Financing Platform Funding Societies Acquires Payments Solution CardUp

Digital Financing Platform Funding Societies Acquires Payments Solution CardUp
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Digital financing platform Funding Societies agreed to acquire payments solutions company CardUp.
  • The announcement comes four months after Funding Societies closed a $294 million Series C investment.
  • Financial terms of the deal were not disclosed.

Digital financing platform Funding Societies has agreed to acquire payments solutions company CardUp for an undisclosed amount. The news comes four months after Funding Societies raised $294 million in Series C funding.

Singapore-based Funding Societies will leverage CardUp’s payments products to complement its own lending capabilities. The new tools will empower its SME clients to manage and pay expenses, receive payments, and borrow funds.

CardUp, which is also headquartered in Singapore, offers payment capabilities, such as card payments to non-card accepting recipients, online payments acceptance, invoice automation tools, and licenses and integrations with third-party software to help businesses make and collect payments. The no-code solutions make it easy for companies to improve cash flow management, unlock rewards on existing credit cards, and automate tasks. Since it launched in 2016, CardUp has served “tens of thousands” of business clients ranging from micro businesses to corporates.

CardUp will continue to operate its consumer and business services. The company’s employees across Asia will transition over to the Funding Societies team and CardUp CEO Nicki Ramsay will join Funding Societies’ management team to lead its payments business.

Funding Societies, which is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam, connects small businesses with financing while offering alternative investment opportunities for individual investors. The company offers a range of financing products, including micro loans, term loans, invoice financing, supply chain financing, revolving credit, and more. In 2021, Funding Societies connected small businesses with $1 billion in working capital. Funding Societies also supports businesses with a credit card that offers 5% cashback.

“Acquiring CardUp enables us to leapfrog and accelerate our market leadership in the regional fintech space, integrating payments capabilities, enhanced user experience, and local licenses to our digital lending experience across key markets,” said Funding Societies Co-founder and CEO Kelvin Teo. “We are excited to work with the CardUp team and are honored to join forces with them.”

Photo by Ilya Chunin on Unsplash

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Raisin Bank’s Newest Acquisition Helps it Expand into Bulk Payments and Cash

Raisin Bank’s Newest Acquisition Helps it Expand into Bulk Payments and Cash
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Raisin Bank has agreed to acquire the payment division of Bankhaus August Lenz.
  • The move will help Raisin Bank diversify its revenue sources by adding payment services to its product lineup.
  • Terms of the deal were not disclosed.

Banking-as-a-service player Raisin Bank is adding cash and payment services to its product lineup. This comes as the Germany-based firm has acquired the payment division of Bankhaus August Lenz, a private bank headquartered in Munich. Financial terms of the agreement were not disclosed.

The move will help Raisin Bank diversify its revenue sources by adding payment services. The new capabilities enable Raisin Bank to offer customers electronic payment transactions and cash solutions. Bankhaus August Lenz’s Mirko Siepmann will head up the new division, which aims to help retailers, restaurant, gas stations, and non-bank operators of ATMs, facilitate the operation of more than 4,500 ATMs in Germany. 

“As a service bank, we will act much more independently and powerfully with the expansion of our payment solutions and continue our growth in the banking-as-a-service market throughout Europe advance,” said Raisin Bank Chief Commercial Officer Dr. Andreas Wolf. “With the new business area, we can position ourselves even better as a provider for bulk payments.”

Raisin Bank, previously MHB-Bank, was founded in 1973. The bank acquired European fintech Raisin in 2019 and has since been working toward its goal to become the leading banking-as-a-service provider in Europe. The bank offers digital solutions to help startups, institutional investors, and financial service providers seeking banking licenses to enhance customer and account management, payment transactions, and lending. Raisin Bank stated in today’s press release that adding payment services represents an “important strategic step on the way to becoming a powerful full-service provider.”

Photo by Anete Lusina

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Glia Acquires Finn AI for Undisclosed Sum

Glia Acquires Finn AI for Undisclosed Sum
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Finn.ai, Glia, Mergers & Acquisitions
  • Digital customer service firm Glia agreed to acquire conversational AI technology company Finn AI.
  • Financial terms of the deal were not disclosed.
  • Glia Co-founder and CEO Dan Michaeli said that Finn AI is a strong fit for Glia because of its technology, market approach, and company culture. 

Digital customer service firm Glia is enhancing its offering with its recent acquisition of conversational AI technology company and fellow Finovate alum Finn AI.

Financial terms of the agreement, which will integrate Finn.ai’s conversational AI solutions into Glia’s customer service platform, were not disclosed. Glia Co-founder and CEO Dan Michaeli said that Finn AI is a strong fit for Glia because of its technology, market approach, and company culture. 

“This marks a new chapter for Virtual Assistants: Verticalization with Scale,” Michaeli said. “Generic ‘one-size-fits-all’ bot providers have largely failed to meet the full potential of conversational AI, leading to the emergence of vendors focusing on specific industry verticals. Until now, none of the financial services bot vendors have been able to achieve widespread adoption on their own.”

Finn AI Co-founder and CEO Jake Tyler said that joining forces with Glia will offer Finn AI scale. Founded in 2014 and headquartered in Vancouver, B.C., Finn AI aims to transform customer engagement and increase financial literacy with its AI-powered conversational banking technology. Among the company’s clients are ATB Financial, BECU, United Federal Credit Union, EQ Bank, Civista Bank, and Truist Momentum.

According to the press release, Finn AI and Glia have a lot of shared clients, and Finn AI’s technology is already integrated into Glia. Post-acquisition, the company’s leadership team will take on leadership positions within Glia. As for Finn AI’s Canadian headquarters, Glia plans to use the location to establish a “Conversational AI Center of Excellence.”

Glia was founded in 2012 as SaleMove. The company offers digital communication choices, on-screen collaboration, and AI-enabled assistance tools. Glia, which has taken home 10 Finovate Best of Show awards for its live demos, most recently showcased its tools at FinovateSpring 2021. Finn AI also boasts accolades from the Finovate audience, having taken home two Finovate Best of Show awards for its demos at FinovateAsia 2016 and FinovateFall 2017.

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Kofax Acquires e-Invoicing Network Tungsten

Kofax Acquires e-Invoicing Network Tungsten
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Kofax, Mergers & Acquisitions

  • Kofax is acquiring B2B e-invoicing network Tungsten.
  • The combined companies will offer clients a more holistic e-invoicing approach.
  • Financial terms of the deal are undisclosed.

Intelligent automation software platform Kofax has acquired B2B e-invoicing network Tungsten for an undisclosed amount. Kofax CEO Reynolds Bish anticipates the acquisition will “provide more comprehensive and higher value invoice processing and accounts payable automation solutions” to the company’s customers.

Founded in 2000, Tungsten facilitates invoice-to-pay processes by digitalizing invoices using automation. Headquartered in London, Tungsten enables suppliers to submit tax compliant e-invoices in 54 countries. The company processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. Last year, Tungsten processed transactions worth over $270 billion for clients including Kraft Foods, Procter & Gamble, Unilever, and the U.S. Federal Government.

When combined with Kofax’s invoice processing and AP automation portfolio, the combined companies will offer a more holistic e-invoicing approach to companies across the globe. The cloud-based offering will provide solutions for direct supplier onboarding, e-invoice exchange, interoperability, scanned and OCR paper invoices, machine readable PDF invoices, PDF data extraction, and payment processing.

“Finance procurement leaders are looking beyond traditional invoice OCR and workflow capabilities to modern e-invoicing, supplier management, and value-added services – accelerating how they pay and relate with suppliers,” said Tungsten CEO Paul Cooper. “A full technology suite from Kofax will bring efficiencies to how they work with their suppliers, compliantly invoice, and focus on leveraging data to drive insights while reducing cost.”

Kofax was originally founded in 1985 and leverages robotic process automation (RPA) to automate and enhance business’ workflow. The company’s SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organizations around the world. Two years after Kofax went public in 2013, the company was delisted when it was acquired by Lexmark for $1 billion. In 2017, Kofax was once again acquired, this time by private equity firm Thoma Bravo. Kofax itself has made a total of 12 acquisitions, including Tungsten.

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 Eltropy Acquires Video Banking Startup POPi/o

 Eltropy Acquires Video Banking Startup POPi/o
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Eltropy, Mergers & Acquisitions
  • Digital communications platform Eltropy has acquired video banking company POPi/o.
  • Financial terms of the deal were undisclosed.
  • With today’s acquisition, Eltropy now helps more than 400 Credit Unions reach their members via digital channels.

Digital communications platform Eltropy announced it has acquired video banking expert POPi/o. Financial terms of the deal were undisclosed.

Eltropy expects the purchase will strengthen its digital communications platform which enables financial institutions to engage in digital channels, such as social media, in a compliant manner. Today’s acquisition adds 100 credit union clients to Eltropy’s roster. The company now helps more than 400 credit unions reach their members via digital channels.

POPi/o offers banks a range of communication technologies ranging from high-tech to high-touch. The Utah-based company offers automated chatbot technology, video support from an in-branch specialist, and collaboration tools such as co-browse, video check deposit, identity verification, document sharing, and e-sign.

“By joining forces with POPi/o, we’re empowering credit unions to build robust virtual branch capabilities and serve members anytime, anywhere, in the channel of their choice,” Eltropy Co-Founder and CEO Ashish Garg. “Our world-class digital communications platform helps credit unions deliver on the promise of digital transformation — improving online and in-branch experiences for members and allowing for more rapid expansion in new markets without the need for a physical presence.”

Founded in 2013, Eltropy offers credit unions to help them reach their customers where they are. Leveraging POPi/o’s technology, Eltropy will offer clients automated, AI-driven text messaging, video banking, secure chat and chatbots, co-browsing, screen sharing, video check deposit, and more. In addition to providing compliance in these digital capabilities, Eltropy also offers communication analytics that provide insights into member engagement.

“Throughout my career, I have been focused on the consumer experience while creating enormous value to financial institutions,” said POPi/o Founder and Chairman Gene Pranger. “Through the merger of POPio’s Video Banking and Eltropy’s sophisticated digital communications platform, we will be able to fulfill both objectives.”

Earlier this spring, Eltropy celebrated the milestone of partnering with more than 300 credit unions across the U.S. And in April, Eltropy integrated with financial services software provider MeridianLink to help the company provide text messaging capabilities, secure document collection and sync, and instant notifications from within its platform. Eltropy most recently demoed at FinovateSpring 2018.

Photo by Helena Lopes on Unsplash

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Experian Acquires Majority Stake in Brazil’s MOVA

Experian Acquires Majority Stake in Brazil’s MOVA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Experian, Mergers & Acquisitions
  • Experian has agreed to acquire a majority stake in Brazil-based MOVA Sociedade de Empréstimo entre Pessoas S.A. (MOVA) for $7.89 million (R$40 million).
  • Experian will take a 51% stake in MOVA today, with the option to acquire the remainder of the company between 2026 and 2028.
  • Experian is interested in P2P lender MOVA because it has the potential to enable Experian to help Brazilian companies assess the creditworthiness of their SME clients.

Information services company Experian will acquire a 51% stake in Brazil-based MOVA Sociedade de Empréstimo entre Pessoas S.A. (MOVA) for $7.89 million (R$40 million).

Headquartered in Sao Paulo, Brazil, MOVA is a peer-to-peer lending platform that seeks to offer borrowers an alternative to traditional bank loans. The company also offers a range B2B tools, including a credit-assessment-as-a-service product to offer automate credit decisioning, a service to help companies register a credit request, anti-fraud tools, and more.

Experian’s interest in MOVA stems from this ability to help Brazilian companies assess the creditworthiness of their SME clients. “SMEs are underserved by affordable credit in Brazil and MOVA is tackling this issue,” Experian said in an announcement.

A full acquisition is still on the table. Experian has a call option to acquire the remaining 49% stake in MOVA between 2026 and 2028. In 2029, the deal reverts to a put option for MOVA.

Founded in 1980 and headquartered in Ireland, Experian offers a range of services for small businesses, including business credit reporting, marketing products and services, debt collection tools, and more. On the consumer-facing side, Experian offers credit reports and scores, identity theft protection, and a marketplace to compare credit card, loan, and insurance offers.

Photo by Rafaela Biazi on Unsplash

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LexisNexus Acquires Behavioral Biometrics Pioneer BehavioSec

LexisNexus Acquires Behavioral Biometrics Pioneer BehavioSec
By David Penn Posted on
Categories: Alumni News, BehavioSec, Daily news, Mergers & Acquisitions
  • LexisNexis announced its acquisition of behavioral biometrics innovator BehavioSec. Terms of the deal were not disclosed.
  • The acquisition adds to LexisNexis’ fraud and identity risk management capability following its 2018 acquisition of ThreatMetrix.
  • Sweden-based BehavioSec won Best of Show in its Finovate debut at FinovateSpring in 2012.

Yesterday we shared the news that Finovate newcomer – and recent Best of Show winner – Long Game had been acquired by Truist. Today, we see that the M&A train continues to chug down the tracks with word that another Finovate alum that also won Best of Show in its Finovate debut – has been acquired.

BehavioSec, which won top honors in its Finovate debut at FinovateSpring 2012, has agreed to be acquired by LexisNexis Risk Solutions, a part of RELX. Among the pioneers in advanced behavioral biometrics, Sweden-based BehavioSec leverages behavioral analysis to provide continuous authentication to establish identity and prevent fraud. The company’s technology gives firms a passive method and frictionless approach to identity management, analyzing the complex mobile signals from touchscreens and sensors to seamlessly prevent fraud before it strikes.

“Behavioral biometrics is a valuable component in fraud prevention strategies that layer defenses to tighten the net that stops fraudsters,” LexisNexis Business Services CEO Rick Trainor explained. Complimenting BehavioSec as a “forerunner” in the behavioral biometrics industry that “continues to evolve and innovate,” Trainor added that “our combined customer base will benefit significantly from a blended behavioral biometrics solution within ThreatMetrix that offers more defense for customers without adding friction across the customer journey.”

Terms of the acquisition have not been made available. BehavioSec CEO Dr. Neil Costigan said that he is looking forward to “discovering the next phase in the evolution for behavioral biometrics alongside a successful, innovative company looking to further evolve our advanced capabilities.”

BehavioSec’s acquisition by LexisNexis Risk Solutions comes after a year of major activity for the company. Last summer, BehavioSec unveiled a new compliant, hosted version and a new cloud-native, SaaS version of its platform. The offering made it easier for more organizations to take advantage of BehavioSec’s anti-fraud technology, satisfying compliance requirements and embracing frictionless, multi-factor authentication. In May, the company launched new authentication and fraud detection capabilities via its BehavioSense platform. The platform features accelerated profile training, doppelgänger detection, enhanced mobile fraud detection, and predictive modeling.

“Our newest features respond to customer feedback and, frankly, market demands,” VP of Products at BehavioSec Jordan Blake said when the solution was introduced. “These features add to our platform’s existing anti-fraud capabilities and are designed to solve the COVID-19 era challenge of accelerated digital transformation, online security, and privacy regulation compliance.”

Photo by Markus Spiske

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Truist Acquires Finovate Best of Show Winner Long Game

Truist Acquires Finovate Best of Show Winner Long Game
By David Penn Posted on
Categories: Alumni News, Daily news, Long Game, Mergers & Acquisitions
  • Truist has acquired mobile savings gamification app, Long Game.
  • Long Game uses strategies from the prize-linked savings and mobile gamification worlds to drive customer engagement and increase brand loyalty for banks.
  • Long Game won Best of Show in its Finovate debut last September at FinovateFall 2021 in New York.

Terms of the deal were not disclosed. But U.S.-based financial services company Truist announced today that it has acquired bank engagement and savings gamification app, Long Game.

“Truist’s commitment to help people build financial wellness is exactly what we are about at Long Game,” company co-founder and CEO Lindsay Holden said. “We’ve revolutionized bank engagement and are eager to apply ourselves to creating disruptive technologies that help Truist deliver a human touch in new ways.”

Long Game won Best of Show in its Finovate debut at FinovateFall in New York last year. The company offers a bank-branded mobile app that leverages the best practices from prize-linked savings and mobile gaming to help banks acquire new customers, boost customer engagement, and promote financial literacy – with a particular focus on Millennial and Gen Z customers.

Courtesy of the acquisition, Long Game’s team of engineers, designers, and business leaders will join Truist’s innovation team. Holden will lead a San Francisco, California-based crew of engineers, product managers, and designers as they develop new client-centric solutions.

“At Truist we are laser-focused on shaping the future of finance with innovative people and products – and democratizing entrepreneurial opportunity while we do it,” Vanessa Indriolo Vreeland of Truist Ventures said. “Long Game is a female-led business with a diverse team of incredibly talented innovators creating unique solutions to help people achieve financial confidence.”

The acquisition is designed to help Truist reach a younger demographic. Truist also sees Long Game’s technology as complementary to its workplace financial wellness program, Truist Momentum, that helps employees better manage their finances based on their goals and values. Headquartered in Charlotte, North Carolina, Truist was formed in 2019 as a result of the merger between BB&T and SunTrust Banks. Truist is a publicly traded company on the NYSE under the ticker symbol TFC. The firm has a market capitalization of $66 billion.

Learn more about Long Game! Check out our interview with company co-founder and CEO Lindsay Holden on the Finovate Podcast with Greg Palmer.

Photo by Pixabay

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Fintech Merger and Acquisition Activity Starts Strong in Q1 2022

Fintech Merger and Acquisition Activity Starts Strong in Q1 2022
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alkami Technology, Azimo, BeSmartee, FIS, Fiserv, HooYu, Mergers & Acquisitions, Mitek, MoneyGram, Plaid, Revolut, SecureKey, Segmint, Sezzle, StreetShares, Taulia, Trulioo, Wealthfront

While 2021 was a record year for fintech merger and acquisition (M&A) activity, 2022 is off to a great start.

According to FT Partners, there were 1,485 M&A deals in the fintech space totaling $348.5 billion in 2021. As Square’s $29 billion takeover of Afterpay demonstrated, last year’s massive volume is partially thanks to multiple large deals.

This quarter, only eight of the 21 deals initiated disclosed financial details. Of those, the deal volume added up to almost $5 billion.

January

February

March

While experts predict that 2022 M&A activity will likely see momentum from 2021, there are two aspects to watch out for this year. First, we will not see as many SPACs as we saw last year. This may decrease the number of companies choosing to exit this year. Second, fintech valuations are deflating after experiencing huge rises over the course of the past two years. While the loss in value won’t directly impact the number of M&A deals, it will decrease the deal volume.

Photo by Martin Lopez

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Mitek Agrees to Acquire UK-Based KYC Technology Innovator HooYu

Mitek Agrees to Acquire UK-Based KYC Technology Innovator HooYu
By David Penn Posted on
Categories: HooYu, Mergers & Acquisitions, Mitek
  • Digital identity verification and fraud prevention innovator Mitek has agreed to acquire KYC technology company HooYu.
  • Mitek will pay $129 million (£98 million) for the U.K.-based company.
  • Both firms are Finovate alums. Mitek made its most recent appearance at FinovateFall 2017. HooYu demoed its technology on the Finovate stage most recently at FinovateEurope 2018.

Mitek’s agreement to acquire KYC technology specialist HooYu will help businesses verify their customer’s identity via a combination of biometric verification and real-time bureau and sanction database checks. Enabling institutions to leverage biometrics, ID document validation, geolocation, and identity confidence scoring with bureau checks and sanction list reviews will help them secure a more complete picture of their consumers.

HooYu’s ability to coordinate these features will not only enhance the identity verification process for Mitek’s customers, the technology will also enable them to optimize workflows and empower companies to deploy identity solutions across channels faster.

“Having a single platform that easily orchestrates and configures a KYC journey to manage identities and identify bad actors is becoming a prerequisite for any business transacting digitally,” HooYu CEO Keith Marsden said. “Bringing together Mitek’s lead in identity, liveness, and biometrics, with our orchestration, configuration, and journey services simplifies identity management for financial institutions.”

Mitek’s acquisition of HooYu comes in the context of a global digital identity solutions market that is expected to grow from $23.3 billion in 2021 to $49.5 billion by 2026, a compound annual growth rate of 16.2%. MarketsandMarkets, whose digital identity solutions report was cited by Mitek in this week’s acquisition announcement, credited the rise in both identity-related fraud and data breaches, as well as the need to keep pace with new regulations, for the growth in this market.

Additionally, the rise of the cryptocurrency and NFT (non-fungible token) markets – and the new regulatory regime that will accompany them – puts a further strain on the compliance requirements of businesses. For all the legitimate activity in crypto and NFTs, there is no doubt that these growing markets also represent new opportunities for illicit and criminal behavior.

“Our current geopolitical, commercial, and technological environment represents a perfect storm for bad actors,” Mitek CEO Max Carnecchia said. “Mitek is leading the fight against fraud by providing the technology that businesses need to stamp out digital money launderers and sanctioned individuals.”

In 2018, HooYu demoed its verification technology at FinovateEurope in London. The year before, Mitek demoed its Mobile Verify technology at FinovateFall in New York.

Photo by Ann H

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Goldman Sachs to Acquire NextCapital

Goldman Sachs to Acquire NextCapital
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Goldman Sachs Asset Management is buying retirement planning and digital advice company NextCapital.
  • Goldman Sachs will integrate NextCapital’s platform into its Multi-Asset Solutions business, a group that offers custom, multi-asset portfolios.
  • Terms of the deal, which is expected to close in the latter half of this year, were not disclosed.

Goldman Sachs Asset Management has agreed to acquire retirement planning and digital advice company NextCapital in a transaction that is expected to close in the second half of this year.

Terms of the deal, which ranks among the top five asset management deals Goldman Sachs has ever done, were not disclosed.

Chicago-based NextCapital offers automated, digital retirement advice to help banks deliver personalized, customizable retirement planning and managed accounts through their clients’ workplace retirement plans and IRAs. Goldman Sachs, which already leverages NextCapital’s managed account platform to power its retirement program for SMBs, anticipates the purchase will expand its services by adding personalized, managed accounts, and digital advice.

By combining the two companies, Goldman Sachs will be able to provide services to large retirement plans while working with platform clients. As Goldman Sachs CEO David Solomon explained, “This acquisition furthers our strategic objective of building compelling client solutions in asset management and accelerating our investment in technology to serve the growing defined contribution market.”

After the deal closes, Goldman Sachs will integrate NextCapital’s platform into its Multi-Asset Solutions business, a group with approximately $220 billion in assets under supervision that offers custom, multi-asset portfolios. The NextCapital team will continue to operate from offices in Chicago.

Founded in 2014, NextCapital has raised $82 million. “Our vision for the future of the retirement savings market is aligned with the team at Goldman Sachs: technology that can create a differentiated experience combined with a strong culture and focus on clients forms a powerful offering for our clients and the individuals they serve,” said NextCapital CEO John Patterson. “We can leverage the resources of a global financial services firm to continue to scale our platform and offer it to new third party institutional clients and Goldman Sachs’ broader wealth management organization.”

Photo by Kelly Sikkema on Unsplash

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HR and Payroll Company Papaya Global Buys Azimo

HR and Payroll Company Papaya Global Buys Azimo
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Azimo, Daily news, Mergers & Acquisitions
  • HR and payroll platform Papaya Global has acquired global money transfer company Azimo.
  • The deal will allow Papaya Global to offer payments in hours instead of days.
  • Financial terms of the deal were not disclosed.

Global money transfer company Azimo has agreed to be acquired by HR and payroll platform Papaya Global. Terms of the deal were not disclosed, but TechCrunch is reporting a purchase price of somewhere between $150 million and $200 million.

The Israeli payroll company will leverage Azimo’s payment platform to offer clients a payroll solution that makes immediate payouts across the globe. “We will build an innovative new payments and finance offering for clients in cash advance and credit-related products, and in cryptocurrency,” the company said in a blog post. The purchase will also enable Papaya Global to add remittance services to its lineup.

Founded by Michael Kent in 2012, Azimo offers a low-priced way for individuals and businesses to send money across the globe. The U.K.-based company charges a fee as low as $0.77 (£0.59) and boasts a more favorable exchange rate, as well. Azimo counts more than two million customers of its digital money transfer platform, which allows users to send money from 25 countries to more than 200 countries and territories worldwide.

In addition to its payment network, Azimo has something Papaya Global may consider quite valuable– payment licenses in the U.K., the Netherlands, Canada, Australia, and Hong Kong. “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,” said Papaya Global CEO Eynat Guez.

Azimo has raised $88.1 million in combined debt and equity. Financial terms of the deal, which will bring all of Azimo’s employees over to the Papaya Global team, were undisclosed.

Photo by Kaboompics .com

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