December 8, 2013
Azimo, is a global payment processing business providing internet and mobile based inter-country consumer money transfer services. Azimo was founded 2012 by Michael Kent and Marek Wawro. The company received funding of $ 1Mn as a seed Investment from Matt cooper and e.ventures. To begin utilizing Azimo’s services:
Azimo enables user to send money via Facebook:
Azimo tries to reduce the probability of fraud by analysing information about individual facebook profiles to verify whether they are genuine or not. It includes the time period since the facebook profile has existed and how active it is, how many friends the account has and whether it is linked to a genuine email address considering the same name as the person owns the account.
According to Michael kent Founder of Azimo says We found nearly three quarters regularly use Facebook – and of those, over 60% were in touch with the person they wanted to send money to’’.
Currently Azimo charges only 1-2% of the transaction – and to make it quick and easy for anyone to transfer their money overseas, says Kent. In contrast, Western Union and MoneyGram levy double-digit charges for a service that amounts to little more than a few clicks of a computer mouse, claims the company. Another European company operating in the same space is Currency Cloud.
Azimo recently emerged as one of the winners of the SevenVentures Pitch Day at NOAH conference 2013. The company won a $1.36 Mn advertising budget. On 19th November 2013, Azimo expanded operations to launch its money transfer platform in Ireland and Germany. This increases the number of countries that Azimo operates in, to 192 Countries.