Digital money transfer service Azimo has raised a $20m series B round of funding.
The round was led by Frog Capital, with participation from MCI Investments, along with the company’s existing investors, including e.ventures and Greycroft Partners.
Azimo was founded in London in 2012 and says it can now transfer funds to any bank account or digital wallet, 200,000 cash machines for collection, or direct to the doorstep. It covers 80 different currencies.
The company will use the cash to continue its pan-European growth, while expanding to North America and Asia.
“Global money transfer is a half-trillion dollar market which is rapidly going online, with customers seeing the benefits in speed, cost and convenience,” said Frog Capital’s Iyad Omari. “The emergence of native mobile options like Azimo will only intensify this trend.”
“We’ve been impressed by Azimo’s growth in the sector and the significant traction they’ve made to date. Digging deeper, we like the retention and advocacy among their customer base. We’re delighted to partner with Azimo’s team as they look to drive this transition of the valuable and growing remittance market.”