UK FinTech Startup Azimo Raises $20 Million to Grow Business in Europe

June 16, 2015     By : Priti

UK-based social money transfer service Azimo has raised 20 million in Series B funding. CEO and Co-founder Michael Kent says that the company will use the investment to continue to build its operations across Europe and deeper into the community of migrants who already form the bedrock of its services. Frog Capital led the Series B round with participation from MCI Investments and existing investors e.ventures and Greycroft Partners.

The company is a world leader in money transfers based on smartphones and online channels. It provides secure international money transfers at a low cost. Founded in 2012, the company’s network helps in sending money to 200 countries in 80 different currencies. The company is focused towards growing its business in Europe and demographics neglected by tech services. Azimo’s digital and social network helps workers send money to their homes in a short amount of time at a low cost.

The UN has declared Tuesday as the “International Day of Family Remittances” aiming to raise awareness of the importance of migrants transferring money home towards global development and the role they play in the $600-billion remittance market. Azimo’s announcement of funding coincides with the inaugural International Day of Family Remittances.

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.”

FT Partners and Dorsey and Whitney were Azimo’s funding advisors.

About Azimo:

Azimo is a London-based online money transfer service that is changing the way people send money around the world. Honest, transparent and social, Azimo is the cheapest and easiest way to send money to over 200 countries across the world, that too from any device connected to the Internet.
www.azimo.com

About Frog Capital:

Frog Capital is a leading growth capital investor focused on technology-led businesses in Europe. Frog’s experienced team has invested in over 100 companies, and in the last five years has exited companies with a total transaction value over €1 billion. Frog is a committed long-term partner, investing in ambitious companies with revenue up to €30m and requiring up to €20m of growth capital. By applying industry knowledge, a network of relationships and operating expertise, Frog actively supports exceptional company growth and builds significant shareholder value.Visit

About MCI:

MCI is one of the most dynamic private equity groups in Europe focusing on early stage, growth stage and expansion/buy-out stage investments in the CEE region, Germany and Austria, CIS (The Commonwealth of Independent States) and Turkey. With assets under management of over $450 million, since 1999, the MCI Group has closed over 60 investments with 30 full exits generating a net average IRR of 20-25%. MCI Management SA is listed on the Warsaw Stock Exchange and is also a member of the Polish Private Equity Association.Visit .

Priti

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.