Azimo, the innovative digital service that gives consumers cheaper international money transfers, is set for expansion after closing a USD1million + seed-funding round from global technology investment firm, e.ventures.
In a move backed by UK Trade & Investment (UKTI) and Tech City UK, eVentures, which has previously invested in Groupon and Pulse, is making the investment in London-based Azimo out of its European office.
Secretary of State for Business, Innovation and Skills, Vince Cable said: “This German investment into a British start-up demonstrates that the UK has the infrastructure, the skills base and the competitive edge to capitalise on our expertise in both financial services and digital technology and UKTI is working to ensure that the UK is leading the way in the FinTech revolution. Competition in the financial services sector is vital to ensure consumers get the best deal possible and I commend Azimo on securing this financing.”
To mark the occasion, and as a thank you to customers on its upcoming first birthday, Azimo is making all transfers (already up to 85% cheaper than high street banks) totally free, starting today and throughout October.
Consumers can use the Azimo service via web, mobile app or Facebook to send money to friends, family or other contacts in 190 countries. At between 1% and 2%, usual charges are far lower than Western Union, PayPal or the banks – and Azimo’s convenience means cash arrives quickly in recipients’ bank accounts, local cash collection locations or even as mobile wallet top-up credit.
“Our recent growth has been extraordinary,” said Azimo founder and CEO Michael Kent. “Every year, people are wasting more than £50 million by paying over-the-top remittance fees. That’s something Azimo is addressing, making it simpler and cheaper than ever to transfer money.
“We have big ideas for using social, mobile and digital technology to shake up money transfer to the developing world, which, for years, has held consumers hostage to excessive fees. With this investment, we will expand our network and launch our service in the rest of Europe.”
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