Region: South East
Programme: VC Catalyst Fund
Azimo is a world leader in online and smartphone-based money transfers – providing a fast, secure and low-cost alternative to legacy high street services within the growing c.$600bn remittance market.
Founded in 2012, Azimo has built the largest network of any digital player, sending money to over 190 countries, in over 80 different currencies. Half a million people have already connected to the Azimo platform and through its comprehensive network, Azimo can reach up to five billion people worldwide and reduce the cost for migrants sending money home from as much as 8% to as little as 2%. Azimo’s management team has unrivalled depth and knowledge of the sector having founded Small World Financial Services in 2005, and building it into Europe’s leading independent, traditional money transfer company.
The initial Frog investment in May 2015 was £4.2m in leading a round of £10m. This was followed in May 2016 by a further £1.1m as part of a £9m funding round led by Rakuten; a Japanese e-commerce and fintech services company which is a strategic investor and important for advancing Azimo’s ambitions in Europe and Asia.
Azimo needed funding in 2015 to support explosive revenue growth of 260% and will use the additional funding in 2016 to consolidate its European growth and develop its product further (especially the mobile offering). Employee numbers have grown from 60 in June 2015 to 96 at the end of September 2016.
Frog’s strong relationships with existing Azimo investors and Frog’s thematic work into fin-tech was vital in them being chosen as the preferred investor. It was also important that Frog had a size of fund that would support further follow on funding rounds expected.
“Frog was flagged early as a good potential partner by our existing investors. The Azimo team has enjoyed getting to know them and we feel that their intelligent but straight talking culture gels with our own…. we feel confident they are the right partner to add significant value during the next stage of our growth.”
Michael Kent, CEO, Azimo