London-based Azimo has just secured a $20 million investment from a team of new and existing investors. The funding takes the Azimo’s total capital to $31 million, and puts the company’s valuation at an estimated $100 million.
Frog Capital led the round, with participation from MCI Investments, e-ventures, Greycroft Partners, and other investors. Azimo said that it will use the capital to continue expansion in Europe and to enter markets in both North America and Asia.
Iyad Omari of Frog Capital pointed to the $600 trillion size of the global money transfer business, and the fact that companies like Azimo were at the forefront of taking this business online and mobile. Frog Capital invests in IT, digital media, and resource efficiency startups that are growing more than 40%. Over the past five years, the London-based firm has exited companies with a total transaction value of more than €1 billion.
“Azimo is just getting started on its mission to change the sector,” said company CEO Michael Kent. “But already we serve hundreds of thousands of customers and have built the most comprehensive global network of any digital money transfer business.”
Azimo’s platform has connected more than 5 billion people, helping transfer money to more than 200 countries in more than 80 different currencies. In addition to experiencing a five-fold, year-over-year increase in the number of money transfers, Azimo was a finalist at the Fintech Innovation Awards this spring, expanded its service to Romania, China, and Thailand in February, and expanded to eight West African countries and the Philippines in January.
Within the international remittance economy, the business of migrant workers sending money back home in specific is a point of emphasis and distinction for Kent and Azimo. In his statement announcing the new investment, Kent acknowledged the International Day of Family Remittances, adding that “these funds will allow us to further expand our services and continue to give the world’s migrants a better deal.”
Founded in 2012, Azimo demonstrated its technology at FinovateEurope 2013 in London.