AngelLab portfolio company, Azimo, has raised $20 million in a new round of funding. The Series B round was led by Frog Capital, with participation from MCI Investments and existing investors e.ventures and Greycroft Partners. It brings the total raised to date by Azimo to $31 million.
CEO Michael 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.
As a measure of the typical monetary values that Azimo deals in, Kent says that $700 is the average transaction size, and this represents usually between 25 percent and 50 percent of a customer’s take-home pay. “That’s the difference between us and TransferWise or Travelex in a nutshell,” he said. “[Our transactions] are just much smaller.”