The aforementioned funding, which follows a USD 1 million round in 2013, is being led by Greycroft Partners with participation from Accion’s Frontier Investments Group, eVentures, the company which has led Azimo’s investment round, TA Ventures, RI Digital Ventures, and KRW Schindler Investments.
The UK-based company has stated that the funds will be used to develop European expansion and target other key markets in North America and Asia.
Azimo currently supports money transfers from numerous European countries to 192 countries globally, and cites recipient growth in Latin America, West Africa, and South East Asia.
Launched in August 2012, Azimo aims to disrupt the remittance industry by letting users transfer money internationally to friends, family or other contacts via the web, its mobile apps or Facebook. The recipient receives the money either in their bank account, at local cash collection points, or as “mobile wallet” top-up credit.
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