London-based digital money transfer platform Azimo has secured $15m investment in a round led by Japanese e-commerce company Ratuken. Existing investors eVentures, Frog Capital, Greycroft, Accion, and MCI also stumped up capital. The money will reportedly be used to aid expansion across Asia.
Azimo, created in 2012 to solve a ‘broken and often expensive money transfer industry’, already has offices in the Philippines and Thailand.
“Rakuten’s investment is fantastic news for both our customers and the Azimo team”, says Azimo CEO Michael Kent. “Our focus has always been to transform the way people send money around the world, and we’ve been lucky enough to receive lots of offers of funding on our journey.”
Managing partner of the Ratuken FinTech Fund, Oskar Mielczarek de la Miel, commented:
“Azimo has cemented itself as the European specialist in digital remittances and its global network is unrivalled in the industry. This is a testament to an outstanding team, led by Michael and Marta, who saw an opportunity four years ago to disrupt the $600 billion remittance industry”.