As Azimo said they would, the innovator in “social sending” is bringing its money transfer service to the rest of Europe.
Azimo announced today that it is launching in both Germany and Ireland. The move makes Azimo a new player in what the company calls the “world’s fourth largest remittance market” in Germany, while also growing Azimo’s presence in the U.K.
Said Azimo founder Michael Kent: “Azimo’s reach gives it a much larger network than many competing services and while this has taken a lot of time and energy to build up, we’re now in a position to expand into many more markets very quickly. The platform has already seen its customer numbers double every quarter since launch.”
Azimo’s news comes amid an increase in activity in the money transfer industry this year. Not only did Azimo recently announce completion of a new round of funding, but also startups like TransferWise and CurrencyFair (both Finovate alumni, as well) have raised capital from a diverse group of new and existing investors. The international remittance business has been estimated to be worth than $550 billion a year by the World Bank. Germany’s share alone is approximately $15 billion, said Kent.
Azimo is a money transfer service that operates in more than 190 countries and territories. With a PC or mobile device, users can transfer funds using debit cards or bank accounts. Cash can be received at more than 150,000 locations, as well as via ATM and courier.
Azimo was launched in August 2012. The company demoed its technology at FinovateEurope 2013 in London. See Azimo in action here.