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.