Remittance Market Azimo Closes $20 Million Series B Funding Round

In the currency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term sector, many firms are gaining traction as they provide customers with foreign transfers at below bank costs. The attraction for consumers has led to startups in the sector to report strong growth as well as pricey valuations. Despite a growing list of fintech firms entering the cross-border currency exchange market, by providing value to users, they have been able to grab market share from higher cost incumbents.

Among startups experiencing growth with their platforms in the currency transfer market is Azimo. But, unlike many of its peers that are also based in in the UK, and cater to higher ticket size currency transfers from small and medium businesses like Kantox, or primarily serve exchanges between major countries like TransferWise, Azimo has its eyes on the remittance market.

Currently serving transfers to 200 countries with 80 currencies, Azimo works with local partners to provide pickup and delivery of currencies for its customers. The partnership model has allowed Azimo to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term its platform to a growing list of locations, without requiring the opening of local offices to handle the business.

Gaining additional resources to continue its expansion plans, Azimo has closed a $20 million Series B funding round. Bringing its total funds raised to $31 million, the current round included investments from Frog Capital, MCI Investments, e.ventures and Greycroft Partners. According to TechCrunch sources, the funding values Azimo at just below $100 million.

Overall, the funding continues to reveal investor demand for currency exchange firms. Earlier in the year, TransferWise raised $58 million in funding, while Kantox completed an $11 million round last month.