Social money transfer platform Azimo has announced its expansion into the German and Irish international money transfer market.
After launching in the UK in 2012, Azimo will now be in a position to help another 85 million people transfer money overseas at greatly reduced rates compared to traditional financial institutions.
With a reach of more than 190 countries and territories, Azimo lets users send money around the globe to bank accounts and cash payment desks – and in some cases ATMs and by courier – quickly, securely and at a low cost. Azimo also offers a more personalised service than many competitors, allowing users to choose payees from their Facebook contacts.
"While Azimo’s international money transfers are available to all, the most common use of the platform is migrant workers making remittance payments to friends and family. Transferring money is an expensive business, and often it is some of the poorest people who need to make these remittance payments," said Michael Kent, CEO and Founder of Azimo.
"Traditional financial institutions take more than their fair share of these payments – by charging extortionate fees and using inflated exchange rates. We’re here to make sure these people get a better deal for themselves and for their families – we want to stand shoulder-to-shoulder with these hardworking people."
In September, Azimo closed a seed funding round of $1m from e.ventures, bringing the total funding secured to date to $1.3m. Azimo also recently won a €1m advertising budget as one of the winners of the SevenVentures Pitch Day at NOAH Conference 2013. The prize secures TV media on the channels owned by ProSiebenSat.1 Media.
