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The startup will use the money to accelerate its European expansion and target other key markets in North America and Asia. Emerging regions, which host an estimated two and a half billion unbanked consumers, are important growth markets for the startup.
Azimo’s European customers send money in increasing volumes to 192 countries, with the fastest growing regions being in emerging markets such as Latin America, West Africa, and South East Asia.
Azimo’s international money transfers include options such as cash pickup or cash home delivery, and the new infusion of funding will help the startup execute on new ways to transfer money.
“This financing will enable Azimo to continue to grow our international customer base, and enhance our product offering. As well as building out our Facebook and other social media integrations, we are focused on opening new delivery channels for customers even if they do not have a bank account in the destination country,” says Azimo founder and CEO Michael Kent.
It’s interesting to see the emergence of VC firms with a predominant focus on emerging regions. Accion’s Frontier Investments Group is a venture equity fund that invests in companies that develop financial products and services for underserved segments in emerging markets.
Then there’s e.ventures, which invests out of dedicated funds in five geographies, namely the US, Europe, Russia, China, Japan, Brazil and Latin America.