Azimo is a London-based payment processing company providing internet and mobile based inter-country transfer services. Founded in October 29, 2012 by Michael Kent and Polish ex-pat Marta Krupinsk, Azimo has rapidly expanded.
In 2015 Azimo raised $20 million to fuel global growth with plans to target new markets in North America and Asia.
The company has sent money to over 200 countries in 80 currencies and is said to have built the most comprehensive global network of any digital money transfer business.
Azimo is an online-only remittance platform, modelled similarly to Western Union, allowing cash pickup in some countries, and not only bank-to-bank transfers.
Azimo’s rapid expansion has been noticed as the company has been featured in the Financial Times, the Guardian, Wall Street Journal and TechCrunch.
Azimo users can send money directly to bank accounts or to 270,000 locations where recipients can collect the transfers in cash. Additionally cash can be sent to a mobile wallet or received as a home delivery. Azimo can use a supplier’s bank information to send payments for international goods, as well.
In February 2013, Azimo launched a social money transfer service with an app allowing Facebook users to send direct transfers between friends almost anywhere in the world. Azimo has made its name as the first money transfer company to be fully integrated with Face Book
Azimo charges a flat fee of £5 to transfer money up to £500 and 1% commission for any larger sums up to £15.
The process of sending transfer with Azimo via Facebook is very straightforward-
Registering via Facebook account is easy. It is also more convenient, because most Facebook users will already be connected with family and friends. This means that sending them money can be done with just a few clicks.
Once users are signed up, they will be able to send money to Facebook friends, with the payee entering their account details via a Facebook invitation. Three quarters of regular remittance users are on Facebook, while 60 per cent of those were friends with the person to whom they wanted to send money, according to Azimo.
Azimo promotes itself by asking users to invite friends to join Azimo. Selecting a beneficiary is made simply by clicking on the box which has their name and photo. Azimo suggests another benefit is being able to personalise transfers with a message. Simply pressing ‘send money’ sends the transfer on its way with the promise of delivery within 24 hours.
Azimo’s positioned itself firmly in the personal transfers market, not amongst the more diversified foreign currency providers offering a full range of service.
Azimo is expanding so quickly; its website can hardly keep up. It lists service to less countries than it actually serves and tends to bury some of its products like mobile account top-up in content that’s too complex to be useful on a mobile. Low cost of transfers is possible given Azimo’s digital only platform and customer service seems good given the company’s employees ( Azizo people) hail from 19 countries and speak 25 languages. Customer support contact can be made by email, twitter or telephone.
Mobile app glitches are being addressed as Azimo has a new version of its app in the works. South American clients complain of long waiting times for transfers while others request more payment options.
One profoundly disgruntled former client has published a video detailing his two week wait to have access to funds he sent from his UK bank. The amount was eventually refunded after he’d sent 11 emails that Azimo largely ignored and he was charged a fee for the inconvenience.
4 out of 5 stars given the good rates balanced with the limits of Azimo’s reach. True, the company has simplified transfers with Face Book, but Azimo has nothing to offer business clients.
Social media transfers are a good idea because, increasingly workers traveling abroad for job opportunity stay connected with family through social media.
Azimo fits into a very small market niche: transfers and only transfer. The Face Book app is clever, but somewhat narrows the company’s services to limited payment options.