London-based currency transfer specialist Azimo just announced a pretty nifty currency transfer of its own.
In a funding round led by Greycroft Partners, Azimo has raised $10 million in new capital. The company plans to put the new funds to use in expanding Azimo’s European presence, as well as approaching new markets in Asia and North America.
Senior Associate with Greycroft Partners – and soon to be Azimo board member – Kamran Ansari said, “Sending money to the developing world has historically been an expensive hassle; Azimo changes that.”
Added Michael Kent, Azimo CEO, “this financing will enable Azimo to continue to grow our international customer base, and enhance our product offering.”
“We are focused on opening new delivery channels for customers even if they do not have a bank account in the destination country,” he said.
Also participating in the round were Accion’s Frontier Investment Group, eVentures, TA Ventures, RI Digital Ventures, and KRW Schindler Investments. The new capital adds to seed round funding the company raised in September 2013, and dramatically increases the company’s total investment capital to more than $11 million.
A major new face in the international remittance market, Azimo makes it easy for individuals to send money simply, securely, quickly, and inexpensively to more than 150,000 cash collection locations in more than 190 countries around the world. All that is needed is a mobile device or a PC, and money senders can fund their transfers using bank accounts or debit cards.
Azimo was founded in January 2012 and launched its service later that year in August. At the company’s FinovateEurope demo in 2013, the company showed how users can send money via Facebook. See Azimo’s technology in action here.