"Game-changing" money transfer start-up Azimo secures $22m backing from the EU
London-based fintech Azimo has raised $22million (£17m) in debt financing from the European Union.
The loan, from the European Investment Bank (EIB), will help the money transfer start-up build out its payments platform and expand its presence in Poland, where 130 of its 160 global staff are already based.
Azimo has so far raised $50m of equity funding from investors including Rakuten and Frog Capital.
It offers low-cost international payments to over 200 countries and territories globally and says it has two million registered customers.
Co-founder and Executive Chairman Michael Kent told CNBC: "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.”
Lilyana Pavlova, Vice-President of the EIB in charge of operations in Poland, added: "Companies like Azimo make money transfer easy, safe, and affordable. They are a game-changer – not only for the market but first and foremost for the people who, thanks to them, save money and time."