By Michael Kent, Founder and CEO
Azimo is London-based digital payments company: we operate the world’s largest digital payment network in the world, enabling our customers to send money to over 190 countries.
Since we started in 2012, we’ve been at the forefront of tech-innovation in the financial services industry, launching the first service to send money with Facebook, the first Siri and Alexa based services, and most recently a service which enables customers to send and receive money using just a phone number.
So far we have raised $40m+ in three rounds receiving funding from investors including eVentures, Frog Capital, Greycroft and Rakuten. We’ve scaled from Seed to Series B and we’re not done yet – we’ll likely raise more money to accelerate our growth in the coming 12 months.
Raising money as an entrepreneur is never “easy” but being a very fast growing player in the FinTech sector put you in a strong position to get funded.
At a macro level it’s important to recognise how far the London early stage capital market has come in the last decade. I’ve been raising venture capital funding in London since 2005 – today the market is unrecognisable from those days, when there were a handful of mostly UK clubby options who all seemed to move as a pack. Today, London’s venture scene attracts international capital (Azimo’s investors hail from US, Japan and Germany as well as the UK) and with the exception of the US and maybe China, nowhere is VC accepted as an asset class more.
Sure, Brexit makes things harder. I think it was a political mistake and from a business perspective I much rather have 500+ potential customers from London than the 40million or so we have in the United Kingdom alone but London continues to be home to the talent tech businesses need and we’ve not noticed any slowdown in investors approaching us-the opposite if anything.