Azimo Raises $15M from Rakuten to expand into Asia

Beacon Capital portfolio company, Azimo, has raised $15 million led by Japanese e-commerce company Rakuten as the start-up looks to expand its presence in Asia. The funding round brings Azimo’s total amount raised to $40 million to-date. Existing investors eVentures, Frog Capital, Greycroft, Accion and MCI also contributed to this round of funding.

To date, Azimo makes most of its transactions across Europe, targeting migrant workers who send money mostly to family back home. The endpoints that Azimo serves span 190 countries and 80 currencies, and it says that some 500 million people have transferred money through its app since it was founded in 2012.

Oskar Mielczarek de la Miel, Managing Partner at the Rakuten FinTech Fund, who will be joining the board of Azimo, said in a statement. “Rakuten prides itself on being a catalyst for digital innovation. In Azimo we see a scalable business model, technical expertise, and a strong social mission we believe will make them even more successful in the future.”

Commenting on the raise, Michael Kent, CEO and co-founder of Azimo said, “While we weren’t actively looking for additional capital, the approach from Rakuten really appealed because of their presence in markets core to our long-term ambitions. They have a huge presence in Asia, they really understand consumer financial services and as owners of Viber, and are a significant player in the social messaging market. The partnership will accelerate our Asian expansion and assist in our aim of developing ever deeper social network integrations.”

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Also published on Medium.