Azimo is an online money transfer startup that has raised $10 million in Series A funding. This round of funding was led by Greycroft Partners with participation from Frontier Investments Group, eVentures, TA Ventures, RI Digital Ventures, and KRW Schindler Investments.
Azimo will use the funding to accelerate European expansion and other key markets, including North America and Asia. Kamran Ansari (Greycroft Partners) and Monica Brand (Frontier Investments Group) will be joining Azimo?s board of directors. Azimo lets users transfer money internationally to friends and family through the web, mobile apps, or Facebook.
Azimo charges between 1% and 2% of the transaction, which is cheaper than Western Union and PayPal. Money is sent to the recipient’s bank account, local cash collection locations, or mobile wallet top-up credit.