Azimo is a money-transfer fintech headquartered in London with the majority of its staff based in Kraków, Poland (130 of 160 employees). It offers low-cost international payments to 200+ countries and territories and claims 2 million registered customers. The company has raised $50 million of equity to date from investors including Rakuten, eVentures, Greycroft and Frog Capital and reported it was profitable in August. Azimo plans to use new capital to accelerate R&D and scale its proprietary payments platform, including hiring engineering and product talent. Management also intends to increase marketing spend to scale faster across Europe. In response to Brexit it has secured an e-money licence in the Netherlands to continue trading in Europe. Azimo offers mobile- and web-based money transfer services that focus on speed, low fees and emerging-market corridors. The company launched Azimo Business to serve SMEs across the U.K. and Europe, enabling payments to 189 countries. Azimo says its business pricing undercuts banks by 50% or more and aims to deliver faster transfers and a smoother UX via its apps and web platform. Business users must pass KYC and KYB checks to meet anti-money‑laundering regulatory requirements; Azimo has built technology and processes to scale those checks while minimizing false positives. While running in beta, Azimo Business customers on average sent six times more money than Azimo’s consumer customers. Popular sending countries include the U.K., Germany, the Netherlands, Spain and France; top receiving countries include Poland, China, Singapore, Pakistan, Hong Kong and South Africa. Azimo provides digital remittance services focused on migrant workers sending money home, supporting endpoints in 190 countries and 80 currencies. The company says roughly 500 million people have transferred money through its app since its 2012 founding. It has been an early mover in social and messaging integrations and plans to expand further into Asia, building on existing services to the Philippines and Thailand. Azimo aims to undercut offline rivals by offering transaction fees below 2%, versus typical offline fees of 5–8%. The business is popular in Europe and is experimenting with integrations into messaging platforms to drive growth. CEO and co-founder Michael Kent said the company’s valuation has increased since its prior round and that it is likely to raise a larger round next year. Azimo is a London-based mobile-first remittance service that provides all-digital money transfers across roughly 200 countries and supports about 80 currencies. Founded in 2012, the company focuses on migrant customers in Europe and emerging markets, with popular corridors including Africa, Latin America, Eastern Europe and parts of Asia. Its product targets smaller remittances—the average transaction size is about $700, typically representing 25–50% of a customer’s take-home pay—and Facebook-based transfers account for roughly 25% of transactions. The company reports a five-fold growth rate (specific values not disclosed) and emphasizes lower costs and economies of scale from its digital network. Azimo has raised $31M to date and was valued at just under $100M according to sources. Management plans to use new funding to build out operations across Europe and deepen engagement with migrant communities. Azimo offers an online and mobile remittance service that lets users transfer money internationally to bank accounts, local cash pickup points, or as mobile-wallet top-up credit. Launched in August 2012 and headquartered in the UK, the company supports transfers from numerous European countries to 192 destinations worldwide. It charges between 1% and 2% per transaction, positioning itself as significantly cheaper than incumbents like Western Union, PayPal, and banks. Azimo reports fastest recipient growth in Latin America, West Africa, and Southeast Asia. The company plans to use new funding to accelerate European expansion and to target key markets in North America and Asia. Its distribution channels include the web, native mobile apps, and Facebook integration.

Total raised

$88M

Funding rounds

6

Latest round

Debt Financing

Latest activity

Feb 2020