Frog et al. in $15m round for Azimo

Strategic investor Rakuten, which is headquartered in Tokyo, led the investment round, while US investment firm Accion International also took part.

As with previous funding rounds, the fresh capital will enable the company to expand its international presence, with a particular focus on markets across Europe and Asia.

Currency exchange businesses in the UK and Ireland have attracted significant interest from venture capital firms in recent months, with Octopus Investments leading an €8m round for portfolio company CurrencyFair in March. Other examples include Vitruvian Partners and 83North investing $83m in Ebury last year; Partech Venture, Idinvest Partners and Cabiedes & Partners injecting €10m into Kantox; Andreessen Horowitz leading a $58m series-C for Transferwise; and the Technology Crossover Ventures-led $100m series-B for WorldRemit.

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

Frog then led a $20m series-B for Azimo in June 2015 in order to fund its expansion in North America and Asia.

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

People
Frog – Iyad Omari (partner).
Azimo – Michael Kent (CEO, founder).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Venture
• Frog Capital
• MCI Management