Azimo has snagged $15 million of new investment, led by the Japanese e-commerce and fintech services company Rakuten. Azimo is the world’s largest digital money transfer network.
Currently, over three quarters of Asian transactions are conducted offline through banks or money transfer operators (MTO), and as a result, the cost for senders is very high: as much as 5-8% per transaction.
Azimo drives down the cost of every transaction to below 2%.
Founded in 2012, Azimo was created to fix the broken and expensive money transfer industry, and make things better for the 70 million economic migrants living in Europe.
After 4 years of exceptional growth the company now provides services to more than 190 countries in over 80 currencies. Half a million people have already connected to the platform and through its comprehensive network, Azimo can reach up to five billion people worldwide.
Azimo is already active in Asia – more than 30% of its transfers are sent to the region, with the Philippines and Thailand among the largest receiving markets.
Existing investors eVentures, Frog Capital, Greycroft, Accion and MCI Capital also contributed to this round of funding.
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