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 expanded very quickly.
In 2015 Azimo raised $20 million in a campaign to increase global expansion with objectives to target the North American and Asian remittance markets.
The company has sent money to over 200 countries in 80 currencies and has been described as having created the most comprehensive global network of any digital money transfer business.
Azimo’s rapid expansion has brought it media attention and it has been featured in the Financial Times, the Guardian, Wall Street Journal and TechCrunch.
Azimo is an online-only remittance platform, borrowing from Western Union’s agency model which offers cash pickup in countries where agencies are available, and not only bank-to-bank transfers. Azimo’s services aren’t comparable with traditional foreign exchange companies that offer fixed forwards and other more sophisticated tools for clients and businesses. For simple fast transfers, however, the company’s speciality is well executed.
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.
Azimo has made its name as the first money transfer company to be fully integrated with Face Book.In February 2013, Azimo launched a social money transfer service with an app that allows Facebook users to send direct transfers between friends almost anywhere in the world.
Azimo charges a flat fee of £5 to transfer money up to £500 and 1% commission for any larger sums up to £15.
Sending transfers with Azimo via Facebook is made very easy and convenient taking advantage of the previously established social media connections as most Facebook users are already connected with family and friends. 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. This means that sending them money can be done with just a few clicks.
Once users are registered, they are immediately able to send money to Facebook friends, with the payee entering their account details via a Facebook invitation.
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 personalized message, especially when sending funds as a gift. From the moment a user clicks ‘send money’ the transfer is initiated and will be delivered within 24 hours.
Azimo’s expansion may be so rapid that its website has yet to catch up because it serves more countries than it advertises online. The mobile account top-up information is too complicated to be accessed by mobile. The low cost transfers on Azimo’s digital only platform are supported by excellent translations as the company’s employees ( called Azizo people) come from 19 countries and speak 25 languages. Customer support contact can be made by email, twitter or telephone.
TRUSTPILOT rates Azimo 9.1 from 4836 reviews. Some note that the service could be improved. The company has responded to the issues reported by mobile app users and Azimo has a new version of its app in the works. As the company moves into the South American market where there is a demand for more inexpensive transfer services, South American clients are finding long queues in agencies and some request more payment options.
One particularly enraged former client has created a video to discourage others from using Azimo. He claims he was unable to have access to funds released from his UK bank for two weeks while Azimo refused to assist him. he had to email the company 11 times, and he was charged a fee before he was eventually refunded part of the amount to had been unable to transfer.
4 out of 5 stars for quick and easy Face Book transfers, although the company isn’t a full service foreign exchange firm that has business services.
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.