Japan’s Rakuten Capital leads $20m Series C in fintech startup Azimo

Photo: Reuters

European fintech startup Azimo has closed a $20-million series C funding round led by Rakuten Capital, the investment arm of Rakuten Inc.

Other investors that joined the round include e.ventures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital and Silicon Valley Bank. The latest round brings the total funding raised by Azimo to over $50 million.

Rakuten capital is an existing investor in Azimo, having led the previous $15-million round raised by the startup in May 2016.

“We’re excited to strengthen further our relationship with Rakuten Capital. This financing will be used to make our service even better and to sustain the rapid growth in our customer base.

“We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world,” said Azimo CEO Michael Kent.

Based in London and Krakow, Azimo’s platform enables payments in more than 80 currencies to more than 190 receiving countries. The startup claims to have achieved over 100 per cent year-on-year growth, with more than 1.5 million registered customers and over $1 billion in annualised sending volume.

“Azimo has the best technology in the sector, and the business is delivery rapid growth and efficiency. Customer acquisition costs have dropped by two-thirds since we first got involved with Azimo.

“This latest funding will comfortably bring the business to sustained profitability within 12 months,” said Rakuten Capital managing partner Oskar Mielczarek de la Miel.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.