eVenture backs Azimo

Ellie Pullen
30 September 2013

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Global VC firm eVenture Capital Partners (formerly BV Capital) has invested approximately $1m in Azimo, a UK-based online money transfer service provider.

The investment was made from the firm's European headquarters in Hamburg, which manages the Europe-focused eVenture Capital Partners I fund.

The transaction was commended by Vince Cable, the UK government's Secretary of State for business, innovation and skills, on behalf of the government's UK Trade and Investment department. The investment was also lauded by Joanna Shields, the CEO of Tech City UK, for its contribution to London's position as a hub for Europe's "fin-tech" (financial technology) start-ups.

The fresh capital will be used by Azimo to roll out its services across the rest of Europe.

To mark the investment round as well as the company's first birthday, Azimo is foregoing its usual transfer fees throughout October.

Previous funding
Azimo has previously received funding from angel investors, including CapitalOne founder Matt Cooper.

Company
Azimo was founded in 2012 and is headquartered in London. The company provides an online international money transfer service that offers competition to traditional transfer services.

The company's transfer fees tend to sit at around 1-2%, making the service cheaper than conventional routes such as Western Union, PayPal or banks. According to Azimo, its money transfer services are 85% cheaper than high street banks.

Azimo's services can be used via its website, mobile app or through Facebook. The services are available in 190 countries.

People
Michael Kent is the CEO of Azimo, as well as co-founder alongside Ricky Knox, who was formerly an associate director at MMC Ventures. Andreas Haug is a partner at eVenture.