London-based digital money transfer service Azimo has raised $20 million in a Series B funding round led by Frog Capital, the parties have announced.
The business, whose digital offering focuses on mobile and social money transfers, has seen impressive growth since its foundation in 2012 and now sends money to 5 million people in more than 200 countries.
A big part of Azimo’s revenue comes from migrants sending money back home to their families. Today’s announcement coincides with the International Day of Family Remittances, which aims to raise awareness of the importance of migrants transferring money home towards global development and local communities around the world.
The finance raised in the recent funding round will be put towards continued pan-Asian growth along with expansion into North American and Asian markets.
Azimo founder and CEO Michael Kent said he was delighted to be able to announce the latest funding round on the same day as a celebration of the financial contribution migrants make to their local communities.
“Azimo is just getting started on its mission to change the sector but already we serve hundreds of thousands of customers and have built the most comprehensive global network of any digital money transfer business,” he continued.
“These funds will allow us to further expand our services and continue to give the worlds migrants a better deal.”
Iyad Omari from Frog Capital, who led on the funding round, said the emergence of mobile-led services such as Azimo “will only intensify the trend” of businesses using cutting-edge technology for digital money transfers.
“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,” he said.
“We’re delighted to partner with Azimo’s team as they look to drive this transition of the valuable and growing remittance market.”