The European Investment Bank (EIB) announced on Tuesday it has signed a €20 million venture debt deal with digital money transfer service, Azimo. EIB reported that the financing is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe. The loan will also help Azimo to accelerate its expansion, which includes the development of its proprietary automated payments platform.
“While Europe is the largest international payments market in the world, it is poorly served by legacy providers, so slow delivery times and very high costs are the norm for European consumers and businesses. At Azimo we are building a European payments champion with near-instant delivery at a super low cost. We are excited to have the European Investment Bank’s support in our mission to be the best way to share money around the world, improving millions of lives.”
Valdis Dombrovskis, European Commission Executive Vice President for an Economy that Works for People, then added:
“People need to be able to transfer money as quickly and safely as possible. This is a priority of the Commission and we will continue to support successful companies such as Azimo to boost the European fintech sector and improve the experience of millions of customers.”
Founded in 2012, Azimo currently enables payment transfers from 25 European nations to more than 200 countries and territories around the world.