London based money transfer service; Azimo has announced the completion of its series B funding round and that it has raised $20 million to support further expansion in Europe and into new markets in North America and Asia. Founded in 2012, Azimo has grown in parallel with a number of other money transfer services like TransferWise and hopes that the new round of funding led by Frog Capital but with participation from MCI Investments and existing Azimo investors like e.ventures and Greycroft Partners can help boost the company as it faces an increasingly competitive field.
Commenting on the funding round, 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.”
With Azimo reportedly experiencing a five-fold increase in money transfers over the past year, the new funding could significant boost the company’s capacity to expand into new markets and compete with existing and well established money transfer service providers like Western Union, MoneyGram and Ria Financial Services as well as new players like TransferWise.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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