Digital money transfer firm Azimo has partnered with NatWest Markets, as an increasing number of fintech start-ups chase seek expansion by joining forces with larger banks.
The partnership will allow Azimo access to NatWest Market’s global forex markets, granting the money transfer service the ability to accelerate its international expansion, City A.M. reported.
According to City A.M., Azimo chief executive Michael Kent expected the firm to trade annual volumes in excess of $1bn (£784m) through its agreement with the investment banking arm of the Royal Bank of Scotland (RBS) group.
The fintech firm was founded in 2012 and allows customers to send money to more than 200 countries and territories around the world in 80 currencies. The methods of money movement involve bank deposits, payments into mobile wallets or as cash pick-ups from more than 200,000 secure global locations.
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