FinanceNews Fintech One to Watch: Azimo
Azimo is a UK-based financial services company whose website and mobile applications enable users to send money to 125 countries across Europe, Asia, Africa and the Americas.
Founded in 2011, by Michael Kent, Ricky Knox and Marek Mawro, Azimo announced a £300,000 angel investment round in January 2013. The company raised an additional $1 million in September of 2013. Azimo is headquartered in London and was included in the Wonga Future 50 UK Businesses for 2012
Azimo allows users to send money directly to a bank account, top up a mobile phone or send cash for collection at one of 150,000 global cash pay-out locations. Consumers pay for Azimo money transfers using funds from their UK bank account, a debit card or by depositing cash with one of the company’s banking partners. The money transfers are paid out in either U.S. dollars (USD), Euros (EUR), Sterling (GBP) or in local currency.
Azimo now provides money transfer services to 195 countries including Poland, Argentina, Philippines, Sri Lanka, Nigeria, Lithuania, Brazil and most recently New Zealand and South Africa.
Azimo gives customers the option to donate a portion of the money they transfer to charities working in developing countries and has active partnerships with charities, including Operation Smile. It has pledged to donate 10% of annual profits to charities that it supports. Staff members are offered a free day every quarter to allow them to get involved with work in the community and Azimo also provides non-profit organisations that have operations in the developing world with cost price access to its money transfer services.
UK-based start-up adds fourth European market to online money transfer operation
Azimo has stepped up its aggressive European expansion with the launch of its online international money transfer business in Austria.
Austria will be the company’s fourth market since Azimo launched in 2012 and it follows successful fast-growing operations in the UK, Ireland and Germany.
The service gives Austrian residents a simple and cost-effective solution to sending money to 190+ countries across the world and is available in 12 different languages.
To mark the new launch, Azimo Austria will be waiving all fees for the first 90 days, saving customers up to €15. The site will continue to offer market-beating exchange rates on all transactions.
The expansion means the low-cost international money transfer service is now available to over 160 million people across Europe. It also opens up a market worth €4 billion annually, meaning Azimo has potential access to over €30 billion of money transfers every year.