UK fintech firm Azimo secures backing from the EU as it anticipates messy Brexit talks

  • The loan from the European Investment Bank will help Azimo build out its payments platform and expand its presence in Poland.
  • Azimo co-founder and Chairman Michael Kent anticipates talks on future relations between Britain and the EU to be “messy.”
  • With over 2 million customers under its belt, Azimo wants to multiply its user base to 10 or 20 million over the next few years.

Azimo, the U.K. money transfer start-up taking on the likes of Western Union and MoneyGram, has raised 20 million euros ($23 million) in debt financing from the European Union.

The loan from the European Investment Bank (EIB), which is the lending arm of the EU, will help the financial technology firm build out its payments platform and expand its presence in Poland.

Azimo co-founder and Chairman Michael Kent told CNBC the company now primarily builds its technology out of the Polish city of Krakow, where it hires 130 of its 160 global staff.

“We find we can get exceptional talent more usually there than anywhere else in Europe,” he said in an interview. “Krakow has become a bit of a fintech hub.”

EU commissioner Valdis Dombrovskis said the bloc “will continue to support successful companies such as Azimo to boost the European fintech sector and improve the experience of millions of customers.”

The EIB has previously invested in Swedish payments firm iZettle, which was snapped up by PayPal in 2018, while more recently it injected 50 million euros into taxi app Bolt.

Source: https://www.cnbc.com/2020/02/04/uk-fintech-azimo-secures-eu-loan-anticipates-messy-brexit-talks.html

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