Money transfer FinTech startup Azimo has closed a €20 million debt finance deal from the European Investment Bank (EIB), according to reports on Tuesday (Feb. 4).
The funds will be used to advance its proprietary payments platform as well as to expand research and development. The money will also be used to help the firm accelerate its expansion across North America and create more jobs at its Kraków offices in Poland. Azimo is headquartered in London, but 130 out of 160 employees are located in Kraków.
“We find we can get exceptional talent more usually there [Poland] than anywhere else in Europe,” Azimo Co-founder and Executive Chairman Michael Kent told CNBC. “Krakow has become a bit of a FinTech hub.”
Azimo has raised $66 million to date from investors that include Rakuten, eVentures, Greycroft and Frog Capital. The FinTech provides international payments to over 200 countries and territories worldwide and says it services two million registered customers. The company said in August that it was turning a profit.
“With some additional funding, we’re making a decision as to whether or not to get below profitability again,” Kent said. “I think we’ll probably step on the gas. Knowing you can get to profitability, that you have a very clear bridge to profitability, is important.”
The firm has a license in the Netherlands, so it can continue its service EU member countries, regardless of Brexit. Kent said the U.K. is “still the best tech ecosystem, arguably, in the world.”
“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,” Kent told Altfi. “At Azimo, we are building a European payments champion with near-instant delivery at a super low cost.”
In August, Azimo announced the promotion of COO Richard Ambrose to CEO, as Kent moved from the CEO role into the executive chairman position.
Azimo plans to expand into Asia before the end of the year; it is one of the only FinTechs from Britain that got a European license in the Netherlands before Brexit.
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