Money transfer service Azimo snags $15m from Ratuken
London-based fintech firm will enhance position in Europe before setting its sights on Asian market
Azimo, the London-based international money transfer service, has announced the closure of a $15m in new funding led by Japanese financial services firm Ratuken, with participation from eVentures, Frog Capital, Greycroft, Accion and MCI
Founded in 2012, Azimo helps economic migrants from around the world transfer money back home via any internet-connected device or through Facebook.
To date, 500,000 people have connected to the platform, which has grown to provide services to more than 190 countries in over 80 currencies worldwide – a network it claims has the potential to reach five billion.
Following a $20m Series B in June last year, Azimo will use this latest finance to consolidate its position in the European market before accelerating expansion across Asia. The continent is estimated to receive over $250bn in remittance flows every year, from its 60 million migrants living abroad.
Michael Kent, CEO and founder of Azimo said: “Our focus has always been to transform the way people send money around the world, and we’ve been lucky enough to receive lots of offers of funding on our journey.
“While we weren’t actively looking for additional capital, the approach from Rakuten really appealed because of their presence in markets core to our long-term ambitions.”
Oskar Mielczarek de la Miel, managing partner at the Rakuten FinTech Fund, added: “Rakuten prides itself on being a catalyst for digital innovation. In Azimo we see a scalable business model, technical expertise, and a strong social mission we believe will make them even more successful in the future.”