Money transfer service Azimo secures $20m for global growth

Frog Capital and MCI Investments have backed international remittance service's plans to expand internationally

London-based international money transfer service Azimo has raised $20m Series B funding led by Frog Capital, with participation from MCI Investments and existing investors including e.ventures and Greycroft Partners.

Founded in 2012, Azimo aims to provide a more secure and affordable online and mobile transfer service than the high street. The company claims to send money to a network of five billion people, in 200 countries, and over 70 different currencies.

Following a $10m Series A investment in March 2014, it will use this latest finance to expand its European operations as well as targeting new markets in North America and Asia.

Michael Kent, Azimo founder and CEO, said of the investment:

“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 commented: “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.”

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