Money transfer platform Azimo has reportedly closed a $20m Series C funding round led by Rakuten Capital.
Other contributions to the round came from e.ventures, Frog Capital, GR Capital Partners and Greycroft Partners, according to various reports in the media.
Azimo helps consumers to send money across the globe, supporting transfers in more than 60 currencies and to over 195 countries including Nigeria, Columbia, Poland, Bangladesh, Thailand and the Philippines. Money can be transferred via direct to bank, cash pick-up, SWIFT, home delivery, mobile top-up and mobile wallets.
Payments are supported by Visa, MasterCard, Maestro or bank transfers, and sent to the recipient local bank. Its app, which is available on Android and iOS lets users receive updates on transfers, boost biometric security and view real-time exchange rates.
With this new line of funding, Azimo will look to keep up with its customer base growth, it said. This investment brings the company total funding efforts to around $50m, with its previous investment being a $15m commitment from Rakuten in 2016.
Earlier in the year, Rakuten Capital participated in the $24m funding round of POS insurance platform simpleinsurance. The company raised the capital to support its global expansion plans, with a primary focus on Japan.
Fellow money transfer company TransferGo collected $10m in its Series B round earlier in the month. The company helps migrants and businesses in Europe and Asia to send up to ?1,000 internationally.
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