Greycroft leads $10m round for Azimo

Greycroft was joined in the round by a syndicate comprising Accion's Frontier Investments Group (FIG), TA Venture, RI Digital Ventures, KRW Schindler Investments and previous backer eVentures (formerly BV Capital).

The capital will be used by Azimo to target markets in the US and Asia, as well as accelerate expansion across the rest of Europe.

Previous funding
In September last year, eVentures injected $1m into Azimo. The funding was earmarked for rolling out Azimo's services across the rest of Europe. eVentures made the investment through its Hamburg headquarters, which manages the firm's Europe-focused eVenture Capital Partners I fund.

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, its mobile app or through Facebook. The services are available in 192 countries.

People
CEO Michael Kent is a co-founder of Azimo, alongside Ricky Knox, who was formerly an associate director at MMC Ventures. Greycroft senior associate Kamran Ansari will join Azimo's board of directors alongside FIG managing director Monica Brand and eVentures partner Andreas Haug.

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