London-based online and mobile money transfer startup Azimo has raised $20 million in funding to support expansion in Europe and to new markets in North America and Asia.
Founded in 2012, Azimo's focus is on the expensive high street remittance market, offering a lower-cost alternative to migrant workers sending money home to their families.
The firm says it has experienced a five-fold increase in money transfers over the past year, with remittance routes to over 200 countries covering 80 different currencies.
The Series B funding round was led by Frog Capital, with participation from MCI Investments and existing investors, including e.ventures and Greycroft Partners, among others.
Frog Capital’s Iyad Omari says: “Global money transfer is a half-trillion dollar market which is rapidly going online, with customers seeing the benefits in speed, cost and convenience. The emergence of native mobile options like Azimo will only intensify this trend.”