Expatriates in Europe, North America, and Asia received good news today with the announcement that Azimo, the low-cost international money transfer startup, raised a $10 million first round of funding for use in expanding into those markets.
Focused on allowing fast, cheap, convenient, and secure money transfers, UK-based Azimo currently allows users to send money from four countries (UK, Germany, Austria, and Ireland) to over 192 countries.
“This financing will enable Azimo to continue to grow our international customer base and enhance our product offering. As well as building out our Facebook and other social media integrations, we are focused on opening new delivery channels for customers even if they do not have a bank account in the destination country,” said Azimo founder and CEO Michael Kent in a press release.
The company reports that its fastest-growing areas of transfer are to Latin America, West Africa, and South East Asia. With low variable rates, the company hopes to compete with larger international money transfer companies.
The funding round was led by Greycroft Partners with participation from Accion’s Frontier Investments Group, eVenture, TA Ventures, RI Digital Ventures, and KRW Schindler Investments. Members of the round have been involved in the backing of other financial services companies, such as Venmo and Zoona, meaning the round could have strategic as well as financial implications, especially with at least two representatives of the funding round gaining positions on Azimo’s board of directors.