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