10 years ago

Azimo Raises $20 Million to Expand Money Transfer Services for Migrants

  • Azimo, a mobile money transfer startup based in London, has raised $20 million in a Series B funding round led by Frog Capital

  • The company, which operates in 200 countries and 80 currencies, plans to use the investment to expand its operations in Europe and focus on serving the needs of migrants

  • Azimo differentiates itself from other remittance services like WorldRemit and TransferWise by targeting a demographic often overlooked by tech companies: individuals who are often migrants and send money back home regularly

  • The company's average transaction size is $700, representing 25% to 50% of a customer's take-home pay

  • Azimo's focus on this demographic, coupled with its all-digital money transfer network, has led to significant growth and attracted investors.

      • ProblemFinancial Services

      "Sending money back home to family can be expensive and inconvenient, especially for migrants who often earn less than the average income."

      Solution

      "Azimo offers a mobile app for sending money internationally at a lower cost and with more convenience than traditional money transfer services. The app focuses on serving the needs of migrants, making it easier for them to send money back home to their families."

      Covered on