Azimo, a U.K. online money transfer business aimed at making it cheaper to send cash around the world, has raised $15 million led by Japanese e-commerce giant Rakuten as the start-up looks to expand its presence in Asia.
The funding round brings Azimo's total amount raised to $40 million to-date. Existing investors eVentures, Frog Capital, Greycroft, Accion and MCI also contributed to this round of funding.
At its last round in June 2015, the company was valued at $100 million, according to several media reports. Michael Kent, chief executive and founder of the start-up, said that this was "not far off" and the latest round is a "big uplift" on that valuation, but could not disclose the actual figure.
Azimo allows users to transfer money around the world in over 80 currencies at a rate it claims is cheaper than some banks and other established rivals. The receiver can get that money through different methods from a simple bank transfer to picking up physical cash or having it delivered to their mobile wallet, banking services that can be done via simple text messages.