Azimo, the London based digital money transfer service, announced today that it has raised an additional $20 million in financing. The funding will advance Azimo’s mission to be the world’s leading low-cost, mobile and social money transfer service.
The Series B funding round was led by Frog Capital, with participation from MCI Investments and existing investors, including e.ventures and Greycroft Partners, among others.
Azimo is a world leader in online and smartphone-based money transfers – providing a fast, secure and low-cost alternative to legacy high street remittance services. Founded in 2012, the company has built the most comprehensive network of any digital player, sending money to over 200 countries, reaching 5 billion people with over 80 different currencies.
Azimo’s five-fold increase in money transfers in the last year reflects the on-going disruption of the $600 billion global remittance market. Digital and social network usage is helping workers send money home directly; saving money and time. Azimo’s announcement coincides with the International Day of Family Remittances, which aims to raise awareness of the importance of migrants transferring money home towards global development and local communities around the world.
The company will use this latest financing to continue its pan-European growth and to target new markets in North America and Asia. Azimo’s management team has unrivalled depth and knowledge of the sector having founded Small World Financial Services in 2005, and building it into Europe’s leading independent, traditional money transfer company.
Azimo founder and CEO, Michael Kent said: “It’s fantastic to be announcing our latest round of funding on the inaugural International Day of Family Remittances, which recognises the huge contribution made by migrant workers to their families and communities back home.
“Azimo is just getting started on its mission to change the sector but already we serve hundreds of thousands of customers and have built the most comprehensive global network of any digital money transfer business. These funds will allow us to further expand our services and continue to give the world’s migrants a better deal.”
Frog Capital’s Iyad Omari said: “Global money transfer is a half-trillion dollar market which is rapidly going online, with customers seeing the benefits in speed, cost and convenience. The emergence of native mobile options like Azimo will only intensify this trend.”
“We’ve been impressed by Azimo’s growth in the sector and the significant traction they’ve made to date. Digging deeper, we like the retention and advocacy among their customer base. We’re delighted to partner with Azimo’s team as they look to drive this transition of the valuable and growing remittance market.”