Digital Money Transfer Firm Azimo Raises $20M in Series C Led by Rakuten Capital

Azimo, a European digital money transfer firm based in London and Krakow, has raised $20M in a Series C round led by Rakuten Capital. This latest funding fund, which also received backing from investors such as e.ventures, Frog Capital, GR Capital Partners and Greycroft Partners, brings the total amount raised by Azimo to over $50, according to a statement.

Azimo CEO Michael Kent said the company is excited to strengthen its relationship with lead investor Rakuten Capital,

“This financing will be used to make our service even better and to sustain the rapid growth in our customer base. We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world.”

The company has secured its $1M Seed round in September 2013, then $20M series B in 2015 to fuel platform growth, followed by a $15M funding round in May 2016, which was led by current investor Rakuten, to help with its expansion across Asia and mission to be the world’s leading low-cost, mobile and social money transfer service.

[clickToTweet tweet=”[email protected] nabs $20M in #Rakuten Capital-Led Series C. CEO @unclemikeyk: ‏’We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world.'” quote=”[email protected] nabs $20M in #Rakuten Capital -Led Series C. CEO @unclemikeyk: ‏’We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world.'”]

“We continue to be impressed by Azimo’s mission, team and executional prowess. Azimo has the best technology in the sector, and the business is delivering rapid growth and efficiency. Customer acquisition costs have dropped by two-thirds since we first got involved,” indicated Rakuten Capital Managing Partner Oskar Mielczarek de la Miel. “This latest funding will comfortably bring the business to sustained profitability within 12 months.”

Azimo enables payments in more than 80 currencies and to more than 190 receiving countries. The service currently has around 1.5 million registered customers and well over $1B in annualised sending volume. Customers can withdraw money in cash, bank deposits and mobile wallets.

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