EIB and digital money transfer service Azimo sign EUR20m venture debt deal

Maria Nikolova

The loan will help Azimo accelerate its expansion, including the development of its proprietary automated payments platform.

The European Investment Bank (EIB) and Azimo, the European money transfer service, today announce a EUR 20 million debt deal. The financing is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe.

The funds are set to support Azimo’s expansion, including the development of its proprietary automated payments platform. At present, some 130 of Azimo’s 160 total staff are based in Kraków, and EIB financing is poised to enable the company to grow its technical team there more rapidly.

Commenting on the investment round, Michael Kent, Founder and Chairman of Azimo, said: “While Europe is the largest international payments market in the world, it is poorly served by legacy providers, so slow delivery times and very high costs are the norm for European consumers and businesses. 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 best way to share money around the world, improving millions of lives.”

Over the past decade, the global money transfer market has experienced substantial changes. While the bulk of the business still happens via traditional providers and retail banks, digital players are disrupting the industry and winning market share.

According to the World Bank, global remittance volumes stood at $642 billion in 2018, and are forecast to reach more than $700 billion by 2021. Europe is one of the largest sending regions globally.

Read this next

Industry News

T+1 settlement goes live today in Canada, Mexico, Argentina

“Shortening the time between the trade date and settlement date reduces risk in the system, and the industry has worked hard to prepare for this important change.”

Industry News

DanFX’s Daniel Farook Ali sentenced to 7 years after extradition

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024.

Market News

Global Currency Market Dynamics Influenced by US Bond Market Volatility

The recent turbulence in the US bond market has benefited the USD.

blockdag

Top 5 ICOs that are Likely to Explode in the Current Bull Run 2024

Explore top upcoming ICOs: BlockDAG, GBTC, TUK, SCOTTY, and SPONGE. Learn about their potential high returns and unique features.

blockdag

BlockDAG’s Revolutionary Dev Release 36: Off-Chain PoW and a $30 Projection by 2030

Explore BlockDAG’s latest off-chain PoW innovation and its $32M presale success. Projected to reach $30 by 2030.

blockdag

30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.

blockdag

IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.

blockdag

May 2024 Crypto Spotlight: Why Whales Are Choosing BlockDAG Over Retik Finance, Will CoinW & P2B Listing Save $RETIK?

Uncover why BlockDAG is winning over smart investors in May 2024, and surpassing Retik Finance’s performance on exchanges like CoinW and P2B.

blockdag

Ethereum Leads Altcoins Toward a Huge Rally: Expert Top Picks for Altseson Unveiled

A fresh surge in alternative cryptocurrencies is building momentum as Ethereum leads the charge.

<