E-commerce group Rakuten led a $15m funding round for Azimo, the UK-based operator of a digital money transfer network, on Thursday
The round also included venture capital firms E.Ventures and Greycroft Partners, growth capital firms MCI Capital and Frog Capital, and non-profit organisation Accion, all of which are existing investors.
Founded in 2012, Azimo operates an online service enabling users to transfer money internationally to more than 190 countries. It claims its platform, accessible through a mobile app, is faster, easier and cheaper than traditional methods.
The company will use the capital to strengthen its business in Europe and leverage Rakuten’s presence to expand further in Asia, which contains seven out of the world’s top 10 remittance-receiving countries.
Michael Kent, Azimo’s founder and CEO, said: “While we were not actively looking for additional capital, the approach from Rakuten really appealed because of their presence in markets core to our long-term ambitions.
“They have a huge presence in Asia, they really understand consumer financial services and as owners of [messaging platform] Viber, and are a significant player in the social messaging market. The partnership will accelerate our Asian expansion and assist in our aim of developing ever deeper social network integrations.”
Oskar Mielczarek de la Miel, managing partner of Rakuten FinTech Fund, will join Azimo’s board of directors in conjunction with the round.
Azimo has now raised $46m in total, $20m of which came in a June 2015 series B round featuring Frog Capital, E.Ventures and Greycroft that was closed at a $100m valuation. TA Ventures, RI Digital Ventures and KRW Schindler Investments are among Azimo’s past investors.