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Money transfer service Azimo gets €20 million debt finance from the European Investment Bank

By Ramla Soni

Azimo says the funding provided will be used to increase the company’s research and development and to 'scale up' its proprietary payments platform

Money transfer service Azimo gets EUR20 million debt finance from the European Investment Bank

London headquartered money transfer service Azimo has secured €20 million (£17m, $22m) in debt from the European Investment Bank (EIB), the lending arm of the European Union.

The financing is supported by the European Fund for Strategic Investments (EFSI) which is the financial pillar of the EU’s “Investment Plan for Europe”.

Azimo says the funding provided by EIB will be used to increase the company’s research and development and to “scale up” its proprietary payments platform.

This is said to include further job creation at the company’s Kraków offices, where majority (130 out of 160) staff are currently located.

So far the fintech has raised $50 million of equity funding with investors including Rakuten, eVentures, Greycroft and Frog Capital. It offers low cost international payments to over 200 countries and territories globally, and claims to have 2 million registered customers.

The company is also planning to use the capital “to scale faster in Europe”, Azimo co-founder and executive chairman Michael Kent said. This will include investing in engineering and product talent.

In addition, the company plans to increase marketing spend and “spread the gospel of Azimo’s faster and cheaper proposition to more customers in the EU,” Kent said.

Kent has already had to revamp the business by securing an e-money license in the Netherlands in order to continue trading in Europe.

In terms of the recent Brexit turmoil, Kent said he wants to be able to sustain the London team and “augment that team with top talent”.

“Skilled tech workers are super mobile and they don’t come to London for the weather or the living costs but for the opportunities," he said. " The noises coming from government and eventually the policies are super important in framing how that target audience thinks”.

FURTHER READING: TransferWise expands to Middle East with a new Abu Dhabi licence

FURTHER READING: Digital money transfers to double by 2024, says report

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