Fintech start-up Azimo signs $10m Series A investment deal
Backing from leading venture firms to support expansion into new markets
Azimo, a “low-cost” digital payments transfer start-up, has closed a $10m Series A round led by Greycroft Partners to advance into new geographies across Europe, North America and Asia.
Accion’s Frontier Investments Group, eVentures, TA Ventures, RI Digital Ventures and KRW Schindler Investments also participated in the round to help the company scale.
Founded in 2012, Azimo offers a remittance service which allows customers to send money to 190 countries around the world from any mobile or web-connected device; with its fastest growing markets in Latin America, West Africa, and South East Asia.
It intends to use the funds to grow its international customer base and “enhance its product offering” as well as building its social media channels.
The deal follows growing investor interest in the payments transfer industry, with online money transfer service WordRemit announcing a $40m Series A round, said to be one of the largest of its kind, hours before Azimo’s deal was disclosed.
Azimo founder and CEO, Michael Kent, commented: “We are focused on opening new delivery channels for customers even if they do not have a bank account in the destination country,
“We’ve pulled together an investor dream team whose skills and experience we can draw on as we continue grow and innovate.”
Greycroft Partners’ Kamran Asarmi, who will be joining Azimo’s board of directors, added:
“Sending money to the developing world has historically been an expensive and time-consuming hassle; Azimo changes that,
“This service brings advantages in speed, cost, and ease-of-use to international remittances in a way that is unique and significantly more appealing than the offline providers.”