Frog Capital leads $20m series-B for Azimo

Frog invested €5.8m in the round with capital drawn from Frog Capital Fund II. MCI Investments also took part alongside existing backers including eVenture Capital Partners and Greycroft Partners.

The fresh capital will fund the business’s international expansion strategy, with the company specifically targeting markets in North America and Asia.

The deal marks the second investment for Frog’s second fund, having led a $16m series-C round for London-based content monetisation platform Skimlinks in February 2015.

Currency exchange businesses in the UK and Ireland have attracted significant interest from venture capital firms. In recent months, Octopus Investments led a €10m round for CurrencyFair, Technology Crossover Ventures led a $100m series-B for WorldRemit and Andreessen Horowitz led a $58m series-C for Transferwise.

Previous funding
Azimo raised approximately $1m from eVentures in September 2013. The following March, Greycroft Partners led a $10m series-A for the business alongside Accion's Frontier Investments Group, TA Ventures, RI Digital Ventures, KRW Schindler Investments and eVentures.

Company
Founded in 2012 and headquartered in London, Azimo is an online platform for international money transfers. The company aims to compete with high street remittance providers such as Western Union, and focuses on migrant workers who are looking to transfer money back to their country of origin.

People
Iyad Omari is a partner at Frog Capital. Michael Kent is CEO and founder of Azimo.

Advisers
Company – FT Partners (Corporate finance); Dorsey & Whitney (Legal).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom