UK-based money transfer service Azimo has secured €20m in debt finance from the European Investment Bank (EIB).

The financing is supported by the European Fund for Strategic Investments (EFSI), which seeks to bridge the current investment gap in the EU.

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With the new proceeds, Azimo plans to accelerate the development of its automated payments platform and support its expansion.

The remittance firm also plans to strengthen its technical team based in Kraków, Poland. Currently, around 130 of its 160 total staff are based in this Polish city.

Azimo founder and chairman Michael Kent said: “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.

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

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“We are excited to have the European Investment Bank’s support in our mission to be the best way to share money around the world, improving millions of lives.”

EIB vice-president in charge of operations in Poland Lilyana Pavlova said: “Working in one place but putting your money to work in another is a common feature of our time.

“Yet far too many people don’t have bank accounts or other means to send and receive money. Companies like Azimo make money transfer easy, safe and affordable.

“They are a game changer – not only for the market, but first and foremost for the people who, thanks to them, save money and time.”

Azimo was founded in 2012 and offers cross-border online money transfer services. In November last year, the company launched a Dutch subsidiary.