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:
- Users need to register themselves using Azimo’s website or mobile application.
- Then user need to give the details of who they want to send their money to and how.
- It gives the freedom to user whereby they can choose the payment mode and it will be done.
- Users can pay for the transfer with a UK debit card, Internet or Telephone Bank transfer.
- The user will receive the email with details of their transfer. It can also be tracked on his dashboard.
Azimo enables user to send money via Facebook:
- The sender invites their intended recipient to sign up to Azimo via an automatically sent Facebook message.
- The recipient then logs into Azimo’s Facebook app and fills out their details, including where they want the money sent to, which could be one of the 150,000 payout desks in the 190 + countries supported, a mobile phone ‘top up’, or a bank account.
- After the recipient fills out that crucial information those details which are kept hidden from the sender.
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.