Azimo, the London-based social money transfer platform, rolled out its service in Germany and Ireland today.
Mirroring fellow London-based startup TransferWise, which is backed by investors including Peter Thiel’s Valar Ventures, Azimo offers secure money transfers around the world at reduced rates – the company charges between one and two per cent of the transaction. It allows users to choose who they’re transferring to from their Facebook contacts, the web or its mobile app. Recipients then receive the cash from their bank account, collect it from cash collection locations or as top-up credit on their phone.
Azimo CEO and cofounder Michael Kent explained the most common users are migrant workers making remittance payments back home. With Azimo, he wants to offer individuals a cheaper deal: “Transferring money is an expensive business, with traditional financial institutions taking more than their fair share of these payments – by charging extortionate fees and using inflated exchange rates.”
Launched in 2012 in the UK, Azimo now covers more than 190 destination countries. It is financed by a $1m seed funding round from e.ventures, raised in September 2013, bringing its total funding to $1.3m. At last week’s Noah Conference, the startup won €1m in advertising with ProSiebenSat.1 as part of the SevenVentures Pitch Day.