Azimo gets $1m seed funding

1 October 2013

Azimo is set to expand its operations after receiving $1 million in funding from global technology investment firm e.ventures.

The money will be used to boost the firm's European organisation and has been backed by UK Trade & Investment and Tech City UK.

Its success so far has been built on the fact it offers consumers a cheap way to conduct international money transfers, while the process can be completed via the web, mobile app or Facebook.

Business secretary Vince Cable said the announcement proves the UK has the "infrastructure, the skills base and the competitive edge to capitalise on our expertise in both financial services and digital technology".

He added competition is an essential part of the financial services sector, as people should always be able to secure a good deal.

Azimo founder and chief executive officer Michael Kent said the company is hoping to do big things with social, mobile and digital technology in the near future.

By Tony Aynsley

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