In the past decade, the global money transfer market has gone through unprecedented change. While the bulk of the business still happens via traditional providers and retail banks, digital players, who use new technology to increase speed and drive down cost, are disrupting the industry and winning market share.
Raised €20 million in debt!
Based out of London, Azimo offers digital cross-border money transfer services with a focus on speed, security, and reduced cost. In the latest development, the money transfer service has secured €20 million in debt from the European Investment Bank.
The financing is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe.
Michael Kent, Founder, and Chairman of Azimo said:
At Azimo, we are building a European payments champion with near-instant delivery at a super low cost. We are excited to have the European Investment Bank’s support in our mission to be the better way to share money around the world, improving millions of lives.
According to the press release, this loan will help Azimo accelerate its expansion, including the development of its proprietary automated payments platform. Also, some part of the funding will be used to grow its technical team in Kraków, where 130 of Azimo’s 160 total staff are based in.
Lilyana Pavlova, Vice-President of the EIB in charge of operations in Poland:
Companies like Azimo make money transfer easy, safe, and affordable. They are a game-changer – not only for the market but first and foremost for the people who, thanks to them, save money and time.
Transferred more than $1 billion in 2019!
Right now, the UK company has built a payout network of 20,000 local banks in more than 200 countries and territories. In 2019, the company transferred more than $1 billion across the world, and more than two million customers used its services.
Valdis Dombrovskis, European Commission Vice-President for an Economy that Works for People said:
People need to be able to transfer money as quickly and safely as possible. This is a priority of the Commission, and we will continue to support successful companies such as Azimo to boost the European fintech sector and improve the experience of millions of customers.
Main image picture credits: Azimo
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