UK start-up Azimo expands money transfer platform across Europe
The fintech firm's service is now available in 19 countries
Azimo, an online international money transfer service, today made its service available in another 15 European countries, bringing the total up to 19.
Azimo, founded in 2012 and now available in 12 languaes, is a service that enables customers to send money to bank accounts or cash pick-up points in 195 countries from their smartphone, tablet or desktop.
The company said the expansion to countries such as France, Italy, the Netherlands, Spain and Portugal was made possible off the back of fast-growing operations in the UK, Ireland and Germany, as well as the launch in Austria earlier this year.
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The expansion more than doubles Azimo’s reach, making the low-cost international money transfer service available to a possible 185 million customers across Europe. Azimo claims that a total of 335 million potential customers now have the ability to send cash across borders to seven billion possible recipients, in many cases in less than a minute.
Michael Kent, founder and CEO of Azimo, said: “Our aim is to disrupt the remittance markets across Europe and further afield – we offer rates up to 85 per cent cheaper than many of the banking and money transfer industry fat cats, and coupled with our commitment to providing a fast and efficient service to our customers, I’m confident we will continue to see consumers switching to Azimo in ever greater numbers."
This month the company closed a $10 million (£6.06 million) series A funding round led by Greycroft Partners. This is in addition to a seed funding round of $1 million (£0.6 million) from e.ventures in September 2013.
Meanwhile, WorldRemit, another UK-based money transfer firm raised $40 million (£24 million) from venture capital firm Accel Partners.