Digital money transfer firm Azimo raises $20m to push its expansion

Azimo allows customers to send money to more than 190 countries
Digital money transfer service Azimo has raised $20m (£12.8m) to accelerate its expansion.

The latest funding round was led by Frog Capital – backer of local tradesman comparison site RatedPeople.com, as well as MCI Investments and existing investors, including e.ventures and Greycroft Partners.

The London-based tech firm, set up three years ago, allows customers to send money to more than 190 countries from any mobile or web-connected device.

In March last year, Azimo said it had raised $10m from institutions led by Greycroft Partners and including Accion’s Frontier Investments Group, e.ventures and TA Ventures.

The firm plans to use the financing to continue its pan-European growth and to target new markets in North America and Asia.

Azimo boss and founder Michael Kent said: “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.”

“These funds will allow us to further expand our services and continue to give the worlds migrants a better deal,” Kent continued.

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