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Azimo is a UK-based financial services company whose website and mobile applications enable users to send money to over 198 countries around the world.[1][2] Founded in 2011, by Michael Kent, Ricky Knox and Marek Wawro, Azimo announced a £300,000 angel investment round in January 2013.[3] The company raised an additional $1 million in September 2013[4] and a $10m Series A funding round led by Greycroft Partners in March 2014.[5] Azimo is headquartered in London and was included in the Wonga Future 50 UK Businesses for 2012.[6]

Money transfer services

Azimo allows users to send money directly to a bank account, top up a mobile phone or for cash collection from one of almost 300,000 global cash pay-out locations. Consumers pay for Azimo money transfers using funds from their UK or Eurozone bank account, debit card, credit card or by depositing cash with one of the company's banking partners. The money transfers are paid out in either U.S. dollars (USD), Euros (EUR), Sterling (GBP) or in local currency.[7][8][9]

Azimo announced in March 2014 that it was expanding services to all 18 Euro Zone countries providing money transfer services to over seven billion potential customers in over 198 countries including Poland, Argentina, Philippines, Sri Lanka, Nigeria, Lithuania, Brazil and most recently New Zealand and South Africa.

Facebook acquisition rumours

In April 2014, the Financial Times in London reported that Azimo was one of three financial service businesses approached by social network Facebook as a potential partner or acquisition. The article cited reports that Facebook was in the early stages of seeking approval with the Irish authorities to register as an "E-money institution".[10]

Charity support

Azimo gives customers the option to donate a portion of the money they transfer to charities working in developing countries and has active partnerships with charities, including Operation Smile.[11] It has pledged to donate 10% of annual profits to charities that it supports.[7] Staff members are offered a free day every quarter to allow them to get involved with work in the community and Azimo also provides non-profit organisations that have operations in the developing world with cost price access to its money transfer services.[citation needed]

References

  1. Hagger, Andrew. New boys offer cheaper ways to transfer cash around the world. The Scotsman. Retrieved on 4 August 2012.
  2. Hagger, Andrew (8 December 2012). "Money Insider: New kids on the block cut the cost of sending money abroad". London: The Independent. http://www.independent.co.uk/money/money-insider-new-kids-on-the-block-cut-the-cost-of-sending-money-abroad-8393679.html. Retrieved 8 December 2012. 
  3. Clayton, Nick (25 January 2013). "Friday Funding Roundup". The Wall Street Journal. http://blogs.wsj.com/tech-europe/2013/01/25/friday-funding-roundup-9/. Retrieved 25 January 2013. 
  4. Ohear, Steve. Azimo Raises $1M Seed Funding To Take Its Money Transfer Service To Europe. TechCrunch.
  5. Ohear, Steve. Azimo Raises $10M Series A Led By Greycroft Partners To Expand Money Transfer Service. TechCrunch.
  6. Real, Business. Wonga Future 50: Azimo. Real Business. Retrieved on 14 November 2012.
  7. 7.0 7.1 Hagger, Andrew (21 July 2012). "New providers cut cost of cash transfer abroad". London: The Independent. http://www.independent.co.uk/money/spend-save/money-insider-new-providers-cut-cost-of-cash-transfer-abroad-7962495.html. Retrieved 21 July 2012. 
  8. Faulkner, Neil. New low-cost international money transfers. Love Money. Retrieved on 17 July 2012.
  9. Dixon, Suzi (25 September 2012). "Making the most of your pension overseas". London: The Telegraph. http://www.telegraph.co.uk/finance/personalfinance/expat-money/9557915/Making-the-most-of-your-pension-overseas.html. Retrieved 25 September 2012. 
  10. Davies, Sally (14 April 2014). "Facebook targets financial services". London: The Financial Times. http://www.ft.com/cms/s/0/0e0ef050-c16a-11e3-97b2-00144feabdc0.html. Retrieved 14 April 2014. 
  11. http://www.operationsmile.org.uk/how-to-help/join-workforce-campaign/our-corporate-sponsorships/ Retrieved 2013-02-27

External links

This article uses material from the Wikipedia article Azimo, that was deleted or is being discussed for deletion, which is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License.
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