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Money Transfer Service Raises $20 Million

UK-based social money transfer service Azimo has raised 20 million in Series B funding. CEO and Co-founder Michael Kent says that the company will use the investment to continue to build its operations across Europe and deeper into the community of migrants who already form the bedrock of its services. Frog Capital led the Series B round with participation from MCI Investments and existing investors e.ventures and Greycroft Partners. The company is a world leader in money transfers based on smartphones and online channels. It provides secure international money transfers at a low cost. Founded in 2012, the company’s network helps in sending money to 200 countries in 80 different currencies. The company is focused towards growing its business in Europe and demographics neglected by tech services. Azimo’s digital and social network helps workers send money to their homes in a short amount of time at a low cost.

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