Azimo business account: what happened and the best alternatives

If you're looking for the Azimo business account and alternatives, the service no longer exists as a standalone platform. . Azimo was acquired by Papaya Global in March 2022, and the customer-facing transfer service stopped processing payments on 31 August 2022.¹

The brand now operates as Papaya's licensed payments arm rather than a service UK businesses can sign up for directly.² The right replacement depends on how your business moves money. This guide explains what happened, where Papaya fits today, and which Azimo business alternatives may suit your setup.

For UK businesses that need international business payments with transparent fees and no monthly subscription, Wise Business is one option worth comparing.

💡 Learn more about Wise Business

What was the Azimo business account?

Azimo Business was an online money transfer service for companies, while Azimo itself mainly served individuals sending money to friends and family abroad.³ It presented itself as a fast, low-cost option with one clear fee per transaction, which appealed to businesses that wanted simpler cross-border payments.

The company was founded in London in 2012 and later moved its headquarters to the Netherlands in 2019.³ By February 2020, the wider Azimo platform had around two million registered users across its consumer and business products.⁴

What happened to Azimo? The Papaya Global acquisition

Papaya Global acquired Azimo in 2022 as part of a push into global workforce payments.² Papaya said the deal included Azimo's cross-border technology, its digital payment network reaching more than 150 countries, and payment licences across five jurisdiction.².

All Azimo employees joined Papaya as part of the acquisition.² If you are wondering whether you can still use Azimo directly, the answer is no. The customer-facing transfer service closed on 31 August 2022.¹

Azimo now operates as Papaya's licensed payments arm, holding payment licences in the UK, the Netherlands, Canada, Australia and Hong Kong.² That is why the Azimo name still appears in Papaya's regulatory and payment infrastructure rather than as a standalone service.

Papaya Global payment solutions and currencies

Papaya Global's Payments OS covers employees, contractors, vendors and tax authorities across 160+ countries.⁵ Customers can fund payments in 15 major currencies including GBP, EUR and USD, and pay out in 130+ local currencies.⁵ If you have been searching for Azimo business currencies and countries, Papaya's coverage now answers that question.

Here is how Papaya Global's payments platform works, at a glance.

Papaya reduces FX costs by prioritising local payment routes over SWIFT and reducing intermediary banks.⁵ The platform provides complete fee transparency upfront, with no hidden charges at any stage.⁶

Papaya does not publish per-payment pricing publicly. To get a quote, you need to book a demo through the Papaya Global website.

Azimo business alternatives compared

The right alternative depends on what your business needs. If you pay overseas suppliers or send invoices abroad regularly, pricing and exchange rate transparency might matter most. If you run payroll across multiple countries, compliance tools and workflow integration matter more than a simple app experience.

Papaya Global sits in a different category from these self-serve alternatives. It is built for enterprise payroll and payment operations at scale, with quote-based onboarding rather than a self-serve sign-up flow.⁵

When comparing Azimo Business alternatives for a small or medium-sized business, look at total cost rather than transfer fees alone. A provider can charge a low transfer fee but cost more overall if it adds a markup to the exchange rate. Both the fee and the FX rate need your attention before you decide.

How to choose the right Azimo business alternative

The right replacement depends on what your business actually needs. Think about whether you primarily send money, receive it, manage team expenses or run payroll across borders. Each use case points to a different provider.

You mainly pay overseas suppliers or contractors

Look for a provider that shows the fee and exchange rate before you confirm every transfer. The exchange rate often costs more than the headline transfer fee, so comparing the FX approach across providers matters as much as comparing the listed charge. Our guide to paying international invoices covers what to look for.

You receive payments from international clients

You need local account details so clients can pay you in their own currency without unnecessary conversion costs. Check whether the provider offers account details in the currencies your clients actually pay in, not just GBP. If your clients pay through platforms like Amazon or Upwork, Payoneer integrates directly with those marketplaces.

You run payroll across multiple countries

Self-serve transfer apps are not built to handle the total payroll process at a large enterprise level. Enterprise payroll involves local compliance, tax authority payments and workforce management tools. Papaya Global is specifically built for that use case, however, if you're a small business and want to keep overseas contractor costs low, then you've more choice.

You mainly operate in GBP with occasional international payments

Many high-street banks have very strong domestic banking features and then handle international payments via SWIFT. This can work well for domestic UK businesses best, but if you trade internationally, it's worth considering how FX costs add up quickly. Any time you make an international payment, compare both the transfer fee and the FX margin before you send, since the two together determine your real cost.

Managing international payments with Wise Business

For businesses that need a practical option for ongoing overseas payments, Wise Business lets you hold 40+ currencies, send money to 140+ countries at the mid-market exchange rate and see the fee before you confirm every transfer. You'll also be able to access local account details in 8+ major currencies from EUR, USD, AUD and more - this lets you receive money like a locallly trading business, without any conversion or delivery fees.

Useful features include:

• Batch payments for paying over 1,000 users in multiple currencies at once
• Expense cards for team spending, usable in 150+ countries
• Integrations with accounting software including Xero and QuickBooks

The Essential plan is free to open with no monthly fee. The Advanced plan has a one-time fee of £50 and unlocks local account details in 8+ to receive payments, plus direct debits and payment links.

With Wise Business, you can:

• 🌍 Send money to 70+ countries and pay overseas invoices at the mid-market exchange rate with low, transparent fees and no hidden exchange rate markups (product availability varies by region)
• 📥 Receive payments in 24 currencies and counting
• 💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
• 💰 Hold money in 40+ currencies
• 🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• 👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation. See full cashback terms and conditions
• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
• 🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
• 📑 Create custom professional invoices and schedule invoice payments for future dates
• 📈 Earn variable returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Rates vary by country and currency. Rates are variable. Visit Wise Interest to find out more)
• 🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for your domestic and global needs.

Be Smart, Get Wise.

Register for Wise Business ✍️

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

Azimo and Papaya Global: frequently asked questions

Is Papaya Global publicly listed?

No. Papaya Global is a privately held company. It raised $250 million in Series D funding in September 2021, bringing its valuation to $3.7 billion at that time.¹⁰ It has not announced plans to list publicly.

Can Wise Business send money to the same countries Azimo covered?

Wise Business supports payments to 140+ countries, which covers a majority of destinations Azimo served before closure.

Sources:

Sources checked: 4/8/2026