BankTech

Azimo Enables Transfer of Money to Friends and Relatives, Raised $10 Mn

Azimo, is a global payment processing business providing internet and mobile based inter-country consumer money transfer services. The company has recently raised $10 Mn in Series A  Funding led by Greycroft Partners with participation from Frontier Investment Group, TA Ventures, eVentures, RI Digital Ventures and KRW Schindler Investments.

"Sending money to the developing world has historically been an expensive and time-consuming hassle; Azimochanges that," Kamran Ansari from Greycroft Partners, told Angelnews. He will be joining Azimo’s Board of Directors. "This service brings advantages in speed, cost, and ease-of-use to international remittances in a way that is unique and significantly more appealing than the offline providers."

This is a video that shows you what Azimo is all about:

https://www.youtube.com/watch?v=_4PmcnSumxg

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.

"This financing will enable Azimo to continue to grow our international customer base, and enhance our product offering. As well as building out our Facebook and other social media integrations, we are focused on opening new delivery channels for customers even if they do not have a bank account in the destination country," CEO of Azimo Michael Kent told Angelnews. "We’ve pulled together an investor dream team whose skills and experience we can draw on as we continue grow and innovate.”

Azimo 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.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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