European Investment Bank extends €20m venture debt to profitable payments firm Azimo

By Oliver Smith on Tuesday 4 February 2020

Digital Banking

With the majority of its 160 staff in Poland, Azimo is looking to accelerate its European expansion.

European Investment Bank extends €20m venture debt to profitable payments firm Azimo
Image source: Michael Kent, Azimo Founder and Chairman.

Profitable money transfer service Azimo is borrowing €20m from the European Investment Bank (EIB) to invest in the startup’s payments platform.

The loan is coming from the EIB’s European Fund for Strategic Investments and will also help Azimo accelerate its expansion across the continent.

“While Europe is the largest international payments market in the world, it is poorly served by legacy providers, so slow delivery times and very high costs are the norm for European consumers and businesses,” said Azimo Founder and Chairman Michael Kent.

“At Azimo we are building a European payments champion with near-instant delivery at super low cost.”

The majority of Azimo’s 160 staff are based in Krakow, with only a small management team based in London.

Last year CEO Richard Ambrose told AltFi that, having achieved profitability, Azimo is now weighing up plans for an IPO.

Azimo has raised $66m in total funding to date, with its latest round for $20m in May 2018 led by Japan's Rakuten.

“People need to be able to transfer money as quickly and safely as possible,” said Valdis Dombrovskis, European Commission Vice-President for an Economy that Works for People.

“This is a priority of the Commission and we will continue to support successful companies such as Azimo to boost the European fintech sector and improve the experience of millions of customers.”

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