Every year, people are wasting more than £50 million by paying over-the-top remittance fees. That’s something Azimo is addressing, making it simpler and cheaper than ever
Azimo, the innovative digital service that gives consumers cheaper international money transfers, is set for expansion after closing a $1million + seed-funding round from global technology investment firm, e.ventures.
Consumers can use the Azimo service via web, mobile app or Facebook to send money to friends, family or other contacts in 190 countries. At between 1% and 2%, usual charges are far lower than Western Union, PayPal or the banks – and Azimo’s convenience means cash arrives quickly in recipients’ bank accounts, local cash collection locations or even as mobile wallet top-up credit.
“Our recent growth has been extraordinary,” said Azimo founder and CEO Michael Kent. “Every year, people are wasting more than £50 million by paying over-the-top remittance fees. That’s something Azimo is addressing, making it simpler and cheaper than ever to transfer money.
“We have big ideas for using social, mobile and digital technology to shake up money transfer to the developing world, which, for years, has held consumers hostage to excessive fees. With this investment, we will expand our network and launch our service in the rest of Europe.”
Online money transfer is set to be big business with the market sized at over $500bn annually by the World Bank. Azimo founders Michael Kent and Ricky Knox have already been successful in the sector, having formed Small World Financial Services Group and grown it to $4.5 billion turnover. Now Azimo is targeting technology to bring even greater simplicity, and a growing global migration trend, to make waves again.
e.ventures partner Andreas Haug said: “The European financial services sector is ripe for reinvention, and British companies like Azimo are at the forefront of that process. The team has done a fantastic job building a service whose simplicity masks the underlying complexity of what, for too long, has been a confusing and convoluted industry. We are excited to back the team and further support Azimo with its global expansion.”
To mark the occasion, and as a thank you to customers on its upcoming first birthday, Azimo is making all transfers (already up to 85% cheaper than high street banks) totally free, starting today and throughout October.
Founded in 2012 and based in London, Azimo can send money to 190 countries around the world from any internet connected device. In February, Azimo launched Facebook integration to help consumers facilitate money transfer via the social network. The company is especially used by the growing population of foreign-born residents in many countries, who send money overseas.
About Azimo’s founders
Co-founders Michael Kent and Ricky Knox met whilst studying for MBAs at the INSEAD business school. Cambridge-educated Kent has held senior positions at Arthur D. Little, WPP and News Corp. Knox was previously associate director at investment firm MMC Ventures.
Each part of the Hexagon Partners investment firm, Michael and Ricky previously formed the Small World Financial Services Ltd remittance provider, building it from scratch in to a $4.5 billion turnover company.