Azimo

Short description: Dutch money transfer company

Azimo

Type| Private company
Industry| Financial technology
Founded| 2012
Founders| Michael Kent, Marta Krupinska, Ricky Knox, Marek Wawro
Defunct| August 1, 2023 (2023-08-01)
Headquarters|

Amsterdam

Netherlands

Area served

| Europe (sending);
worldwide (receiving)

Key people

| Michael Kent (Founder, EC)
Richard Ambrose (CEO)
Services| Money transfer
Website| azimo.com

Azimo B.V. was an online remittance service headquartered in Amsterdam, Netherlands. It also had offices in Kraków, Poland.[1]

Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offered more than 270,000 cash pick-up locations globally.[2] As of October 2019, sending countries were limited to Europe.

In March 2022, Azimo was acquired by the New York City –based payroll and payments solutions provider, Papaya Global,[3] and closed their money transfer services in August 2022.

## History

Azimo was founded in October 2012 in London, United Kingdom.[4] In 2016, an updated version of its app was launched with features including in-app chat and biometric security.[5]

As of early 2016, Azimo had raised $31 million in Series A and B funding[6] from investors including Frog Capital, Greycroft, MCI.TechVentures, e.ventures and Quona Capital. In May 2016, Japanese e-commerce company Rakuten invested in Azimo to accelerate the company's expansion into Asia.[7][8][9]

In 2020, Azimo moved to the Netherlands as a result of Brexit.[10][11] Two years later it was acquired by Papaya Global and stopped operating.

## Operations

Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offers more than 270,000 cash pick-up locations globally.[12] In 2016, an updated version of its app was launched with features including in-app chat and biometric security.[13]

As of October 2019, sending countries were limited to Europe that are primarily in the EU. The list of sending countries is:

* Austria
* Belgium
* Cyprus
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Norway
* Poland
* Portugal
* Slovakia
* Slovenia
* Spain
* Sweden
* Switzerland
* United Kingdom

## References

1. ↑ "Azimo offers a cheaper way to send money home". The Washington Post. 24 November 2014. https://www.washingtonpost.com/posttv/business/azimo-offers-a-cheaper-way-to-send-money-home/2014/11/24/59b3f936-73c8-11e4-95a8-fe0b46e8751a_video.html.
2. ↑ Wall, Matthew (23 March 2015). "Money may make the world go round, but at what cost?". BBC News. https://www.bbc.co.uk/news/business-31639262.
3. ↑ April 2022, 4th (2022-04-04). "Money transfer app Azimo acquired by Papaya Global" (in en-GB). https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/.
4. ↑ "10 of the best money-saving apps". The Guardian. 12 April 2013. https://www.theguardian.com/money/2013/apr/12/10-best-money-saving-apps.
5. ↑ "Azimo Launches New Version Of Mobile App" (in en-US). 20 October 2016. https://www.pymnts.com/mobile-applications/2016/azimo-launched-new-mobile-app/.
6. ↑ Ahmed, Murad. "Remittances group Azimo raises $20m on valuation of $100m". Financial Times. http://www.ft.com/cms/s/1c34f6b6-0f75-11e5-b968-00144feabdc0,Authorised=false.html?siteedition=uk&_i_location=http://www.ft.com/cms/s/0/1c34f6b6-0f75-11e5-b968-00144feabdc0.html?siteedition=uk&_i_referer=&classification=conditional_standard&iab=barrier-app#axzz43pcp7zWX.
7. ↑ Kharpal, Arjun (5 May 2016). "Azimo, a remittances start-up, raised $15M from Rakuten to expand into Asia". CNBC. https://www.cnbc.com/2016/05/05/azimo-a-remittances-start-up-raised-15m-from-rakuten-to-expand-into-asia.html.
8. ↑ Williams-Grut, Oscar (5 May 2016). "International money transfer app Azimo raises $15 million from Japan's Rakuten to crack Asia". Business Insider UK. http://uk.businessinsider.com/azimo-raises-japan-rakuten-asia-2016-5.
9. ↑ Lunden, Ingrid (5 May 2016). "Remittance startup Azimo raises $15M from Viber owner, e-commerce giant Rakuten". TechCrunch. https://techcrunch.com/2016/05/05/azimo-rakuten/.
10. ↑ Betlem, Rutger (4 February 2020). "Europese investeringsbank steunt uitgeweken Brits bedrijf Azimo" (in nl). Het Financieele Dagblad. https://fd.nl/beurs/1333321/europese-investeringsbank-steunt-uitgeweken-brits-bedrijf-azimo.
11. ↑ Du Pré, Raoul. "Groeiend aantal bedrijven komt wegens brexit naar Nederland" (in nl). Nederlands Dagblad. https://www.nd.nl/nieuws/nederland/535047/groeiend-aantal-bedrijven-komt-wegens-brexit-naar-nederland.
12. ↑ Wall, Matthew (March 23, 2015). "Money may make the world go round, but at what cost?". BBC News. https://www.bbc.co.uk/news/business-31639262. Retrieved 4 May 2016.
13. ↑ Ginige, J. A.; Maeder, A. J. (2018-10-18) (in en). Transforming Healthcare Through Innovation in Digital Health: Selected Papers from Global Telehealth 2018. IOS Press. ISBN 978-1-61499-914-0. https://books.google.com/books?id=irh9DwAAQBAJ&dq=In+2016,+an+updated+version+of+its+app+was+launched+with+features+including+in-app+chat+and+biometric+security.&pg=PA59.

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* Category
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