UK based startup,Azimo raises $15 million from Rakuten.
Azimo is an international online money transfer business, whose primary motive is to make sending cash around the world cheaper. It has raised $15 million from Rakuten, one of the leading e-commerce platform in Japan.
Rakuten, Japan’s e-commerce giant, has invested $15 million in Azimo. Headquartered in London, Azimo plans to utilize funds for expanding its presence in Asia. It was founded by Michael Kent in 2012.Azimo had raised $20 million in series B round of funding led by Frog Capital last year.
Azimo enables the users to transfer money around the world at cheaper rates according to the company. It permits the transfer in about 80 different currencies. The startup offers various modes of receiving the money. The user can collect the money through cash or it can be credited to their mobile wallet.
With help of Rakuten, Azimo which is prominent in Europe, would be able to penetrate the Asian market. Rakuten has invested in the Azimo from its $100 million Fintech fund. This is the fifth investment by Rakuten this year. The last investment it made was in a travel marketing software startup called Xola.
Rakuten has invested in Azimo mainly because of the its characteristic of standing out from its competitor, as Azimo concentrates more on outflows from other regions in the world. This is the cue for companies like Pay Pal and Western Union to buck up for a tough race in Fintech.
- Rakuten, Japan’s e-commerce giant, has invested $15 million in Azimo.
- Azimo permits the online money transfer in about 80 different currencies, with various modes of receiving the money.
- With help of Rakuten, Azimo which is prominent in Europe, would be able to penetrate the Asian market.