Digital money transfer service Azimo raises $20m in funding
European digital money transfer service Azimo has closed a $20 million Series C investment round led by Tokyo-based Rakuten Capital.
Investors e.ventures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital and Silicon Valley Bank also participated in the financing.
The funding brings the total amount of equity investment raised by Azimo to over $50 million.
Azimo’s CEO Michael Kent says: “We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world.”
According to Azimo, its platform enables payments in more than 80 currencies to more than 190 receiving countries.
It offers various payout methods, including cash, bank deposits and mobile wallets.
The service now has more than 1.5 million registered customers and over $1 billion in annualised sending volume.