VC-backed Azimo raises further $20m

Beside the corporate venturing arm of Japanese e-commerce giant Rakuten, previous backers EVentures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI Capital, Quona Capital and Silicon Valley Bank also took part.

The series-C brings the total amount of equity investment raised by Azimo to more than $50m. It will go towards financing improvements to the service and the expansion of the company's customer base.

Rakuten stated it expects the latest funding round to "comfortably" bring the business to sustained profitability within 12 months.

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 International'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.

Frog, EVentures, Greycroft and MCI Capital took part in a further $15m funding round in 2016. Rakuten led the investment round, while US investment firm Accion also took part.

Company
Founded in 2012 and headquartered in London, Azimo is an online platform for international money transfers. It enables payments in 80 currencies to 190 receiving countries via a variety of payout methods, including cash, bank deposits and mobile wallets.

The service has 1.5 million registered customers and more than $1bn in annualised sending volume.

People
Rakuten Capital – Oskar Mielczarek de la Miel (managing partner).

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