The MCI TechVentures fund, managed by Sylwester Janik, has invested in Azimo – a Polish and British remittance platform. The Company’s market, defined as international remittances from expats working abroad, is worth USD 550 billion. One of the top players dealing with such payments is London-based Azimo, co-founded by two Poles. Azimo intends to achieve the position of the largest European company offering online remittance services globally. The MCI TechVentures fund, managed by PEManagers Group, will support the company in the implementation of its plans. Along with other investors, the fund has participated in a round of financing worth USD 20 billion.
“It was a time-consuming decision-making process and a carefully prepared investment. We reviewed a number of FinTech companies currently operating on the European market and we decided that the international remittance platform model had the greatest growth prospects. For us, it is a new segment of investments and we will keep looking for companies that revolutionize the business of financial services and eliminate its inefficiencies to the benefit of their customers”, says Sylwester Janik, manager at MCI.TechVentures.
The fund decided to carry out the investment for three reasons: the experienced management team, advanced technology platform and growing global market.
“Seeing how the e-commerce market has grown at the expense of traditional commerce, we can assume that the process of switching from traditional financial services to online and mobile channels will be at least as robust as it is now. The 400% increase in Azimo’s operating scale in 2014 reflects key changes in the global market of international remittance, worth more than 500 billion dollars”, says Sylwester Janik.
Using Azimo’s website or mobile app, money can be sent from 20 countries to 200 countries worldwide. Poland accounts for some 15 percent of its turnover.
The article was published in Puls Biznesu on 16 June 2015.