Money Transfer Startup Azimo Raises $20mm Series B

On the surface, Azimo is similar to other remittance services like WorldRemit and TransferWise — also UK startups, albeit bigger in size and more heavily funded. Kent says that part of what sets Azimo apart from these others is less its size but the fact that for now it’s focused mainly on growing its business in Europe and specifically among a demographic that is often neglected by tech services: individuals who are often migrants who may earn less than the average income, and who regularly send a portion of that income far back home to family, with Africa, Latin America, Eastern Europe and parts of Asia “all popular corridors for us.” (Indeed, to raise more awareness about this demographic and the role they play in the $600 billion remittance market, the UN has declared Tuesday “World Family Remittance Day.)

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