Azimo Raises $20 Million in New Funding

International money transfer innovator Azimo has locked in $20 million (£15 million) in new funding. The Series C investment was led by Rakuten Capital, and featured participation from a host of investors including e.ventures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital, and Silicon Valley Bank. The new funding takes Azimo’s total capital to $66 million.

Founder and CEO Michael Kent said the funding would help the company improve its platform and continue to grow its customer base. He added that Azimo would continue to focus on the European market, which he referred to as “the largest, most diverse and chronically underserved money transfer market in the world.”

Rakuten Capital managing partner Oskar Mielczarek de la Miel credited Azimo’s ability to keep customer acquisition costs low as one of the benefits of its partnership with the London-based fintech. “Customer acquisition costs have dropped by two-third since we first got involved with Azimo,” he said. “This latest funding will comfortably bring the business to sustained profitability within 12 months.”

Japan-based Rakuten Capital has been a consistent investor in fintech companies, including funding for other Finovate alums like CurrencyCloud, BlueVine, and Kreditech. Mielczarek de la Miel told The Financial Times that growth in the international digital money transfer industry has not only attracted investors, but also made firms like Azimo “very coveted assets,” that could be the target of acquirers.

Founded in 2012 and headquartered in London, U.K., Azimo demonstrated its international digital money transfer service at FinovateEurope 2013. The company offers safe and secure money transfers, verified by MasterCard and Visa, to more than 195 countries and in more than 60 different currencies. Azimo provides instant cash delivery to more than 50 countries, and most money transfers are processed in less than 24 hours. Azimo’s mobile app, available at Google Play and the Apple App Store, gives users instant updates and real-time currency alerts, as well.

With more than 1.5 million registered customers and more than $1 billion in annualized sending volume, Azimo has made significant additions and enhancements to its coverage in recent months. The company announced new, improved service to China in March and last December, Azimo revamped its service in Nigeria to bring faster transfers and broader cash delivery options. Also that month, Azimo launched its cash pick-up service in the Philippines.

Finovate Alumni News

On Finovate.com

  • Lidya Scores $6.9 Million in Series A Investment.
  • Azimo Raises $20 Million in New Funding.
  • WorkFusion Closes Add-On Funding Round.

Around the web

  • Baker Hill to provide loan origination technology for Old Point National Bank, a Virginia-based FI with $988 million in assets.
  • Multiple-time Best of Show winner CREALOGIX adds cryptocurrency and blockchain market data to its Digital Banking Hub.
  • EdgeLab honored as MarketPlace Provider of the Year at the Temenos Partner and Customer Awards.
  • MarTechSeries features Persado’s AI platform.
  • CryptoGlobe: Currencies Direct Completes Successful European Pilot of Ripple’s xRapid and Calls XRP ‘A Game Changer.’
  • Payworks teams with Visa to enable omnichannel payments for CyberSource’s merchants.
  • ThetaRay wins Asian Banker Risk Management Award for “Regulatory Technology Implementation of the Year.”
  • Revolut unveils its “App Store for Business Banking” solution, Revolut Connect.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Tink Teams Up with BNP Paribas Fortis, Brings PFM, Aggregation, Payments to Belgium Bank’s Mobile App.

Around the web

  • TransferWise selects Wirecard to issue a debit card alongside its digital borderless account offering.
  • Vipera partners with Mastercard to launch new mobile payment service, SME Pay.
  • Thomson Reuters teams up with MarketPsych to introduce sentiment data feed for Bitcoin.
  • Azimo unveils new, improved money transfer service to China.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Azimo Brings Faster Money Transfers to Nigeria

International remittance service Azimo has sped up money transfers in Nigeria. Just shy of a year after launching its service in the African country, the U.K.-based company announced last week it has enhanced that service.

The revamped money transfers empower users to receive cash at all major Nigerian banks 24 hours per day, 7 days per week, depending on the availability of the payout partners. Additionally, the service ensures that money sent from 22 European countries to the Nigerian market will reach recipients within 30 minutes, including on weekends.

Faster money service to Nigeria has the potential to make a real difference in the country. According to the press release, “64% of transfers to the country [are] sent for family support – including to pay for hospital and food bills – a speedy service every day of the week is essential.” Azimo also leverages its own network to offer money transfers at a lower rate than traditional, brick-and-mortar services.

Azimo was launched in 2012 to serve as a better way to send funds around the world. Its digital network enables customers to send money to more than 190 countries from any internet-connected device. The company debuted its global money transfer platform at FinovateEurope 2013 in London. Earlier this year, Azimo updated its service to add instant transfers to the Philippines.

Finovate Alumni News

On Finovate.com

  • Bluefin Buddies Up: Decryptx P2PE Network Grows to 50+ Connected Partners
  • Fiserv Teams with TransUnion to Enhance Automotive Loan Origination System
  • Azimo Brings Faster Money Transfers to Nigeria
  • eToro to Build Blockchain-Based Social Trading Products in Partnership with CoinDash
  • CashStar Launches Digital Gifting Program with Belk Department Store

Around the web

  • Mark Saltzman Interviews Flybits Founder & CEO on TD for Me (video).
  • API Evangelist features Streamdata.io.
  • LearnVest CEO Alexa von Tobel featured on NPR podcast How I Built This.
  • MapD unveils latest release featuring new geo heatmap , custom aliases, faster SQL sorts and more

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • TSYS to Acquire Cayan for $1.05 Billion
  • TransferTo Adds Digital Wallet to Payments Network via Cellum Partnership

Around the Web

  • GoodData appoints James Smith as chief marketing officer.
  • Passport and TransLink partner to develop and launch Park&Go, an app for Vancouver Park and Ride payments.
  • Tucson FCU implements NCR’s Interactive Teller software to allow members to bank face-to-face with a live teller from their cars.
  • Azimo introduces near-instant, 24/7 money transfers to Nigeria.
  • ThreatMetrix exceeds 45% Annual Growth.
  • The Real Estate Crowdfunding Review ranks CK Mack, Realty Mogul, & Patch of Land in its list of top 100 real estate crowdfunding sites.
  • Fortune features Pindrop’s AI voice recognition.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Modo Brings on Former CEO of Klarna North America, Brian Billingsley

Around the web

  • Azimo launches cash pick-up in the Philippines.
  • Ripple’s XRP overtakes bitcoin cash as 3rd largest cryptocurrency.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Efigence Teams Up with Alior Bank, Telekom Romania to Help Launch Telekom Banking.
  • Mastercard Takes Blockchain Mainstream with API.
  • Zighra Launches Flagship Continuous Authentication Product.
  • Stash Reveals Plans to Launch Mobile-First Banking Service.

Around the web

  • Latvian Bank Citadele secures mobile and online banking with VASCO’s DIGIPASS for Apps and CRONTO
  • Azimo’s momentum continues with triple-digit growth.
  • Visa to offer ThreatMetrix technologies through its Visa ID Intelligence platform.
  • Lendio joins lending platform association.
  • Dream Payments unveils its point of sale solution for First Data’s Clover merchants.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Emailage Raises $10 Million in Round Led by Anthos Capital.

Around the web

  • Federacion Nacional de Cooperativas de Ahorro y Credito selects core banking technology from Temenos.
  • Azimo introduces “one hour or less” cash pick-up services in the Philippines.
  • ING Bank in Czech Republic to deploy decision management software from FICO.
  • Virtual StrongBox secures 5th patent for secure document exchange technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

European Alums Shine in FinTechCity’s FinTech50 2017

Less than a week before FinDEVr London 2017, we’ve learned that fifteen of the companies selected by FinTechCity for this year’s FinTech50, a list of top European fintechs, are alums of Finovate and FinDEVr conferences. This is up from last year, when 13 alums who made the list. last year’s list. Six of the companies on the 2017 roster are making repeat appearances: BehavioSec, Fenergo, Kantox, Mambu, Meniga, and Revolut.

Eight of the alums in the FinTech50 are headquartered in the U.K., three hail from Germany, two from Switzerland and one each from Ireland and Sweden. The judges for the FinTech50 are a panel consisting of 60 financial services professionals from banking, payments, venture capital, and public policy-making, among other relevant fields.

2017 marks the fifth year that FinTechCity has produced its roster of the most innovative fintech companies headquartered in the U.K. and Europe. The list is designed to focus on the technology innovations each company has developed rather than the amount of money the companies have made from their technologies.  In a statement at the FinTechCity website, the organization explains the sole criteria for inclusion in the FinTech50 as “the potential to become a game-changer or the competitive staying power to continue being one.”

Here are our winning alums for 2017.

Check out the full 2017 roster. FinTechCity also honored ten fintech startups in an honorable mention category, Hot Ten 2017. Ten companies have also been recognized as the founding members of the FinTech50 Hall of Fame, including Finovate/FinDEVr alums Currencycloud, eToro, Klarna, Nutmeg, TransferWise, and Zopa. Founded by Julie Lake (CEO) and Nicky Cotter, FinTechCity will also unveil the inaugural FinTech50 Asia later this year.