Fin-Tech start-up Azimo recognised by the UN as a major player in the global remittance market.
The week after Azimo announced a $20 million Series B funding round*, the London-based digital money transfer service has been recognised by the United Nations as one of the most comprehensive and best value money transfer companies in two of Europe’s largest markets: the United Kingdom and Germany.
A new report commissioned by UN Agency IFAD (International Fund for Agricultural Development), using World Bank statistics, shows Azimo as cheaper than legacy players Western Union, MoneyGram, Ria and Small World when sending money from the UK**. The report also highlighted Azimo’s coverage of recipient countries, reflecting the company’s ongoing mission to disrupt the $600 billion global remittance market.
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In another blow to its competitors, Azimo recently announced it has built the most comprehensive network of any digital player, sending money to over 200 countries worldwide, reaching five billion people in over 80 different currencies.
According to the IFAD report the UK sends over US$17 billion in remittances to developing countries with Nigeria its main corridor. Additionally, fifty percent of flows go to six Asian countries: India, Pakistan, China, Philippines, Bangladesh and Sri Lanka.
More than 3.5 million remittance transfers are sent from Germany to the developing world every year, amounting to over US$14 billion. Poland is the main EU recipient of remittance flows from Germany with Lebanon, China, Vietnam, Nigeria, Serbia and Thailand among other major recipients of Germany’s flows.
According to IFAD, “It is particularly in the poorest and most rural countries where remittances can ‘count the most’… [and] it is on the receiving end that remittances are perceived as anything but ‘relatively low value’”.
Remittances not only increase financial resilience for the poorest of the poor but also offer opportunities towards financial independence.
Azimo founder and CEO, Michael Kent said: “We are big supporters of the works that the UN, IFAD and the World Bank are doing to bring more competition and lower pricing to the global remittance market. It’s great to be recognized by them as one of the best value money transfer companies in the UK and German markets. The most important thing is by cutting out the high cost high street value chain we are able to offer the world’s migrants a great deal – ensuring more of their hard earned cash reaches family and friends rather than lining the pockets of the high cost legacy players.”
“When you see the stats laid out in front of you, it highlights the stark discrepancies between money transfer rates. We hope this IFAD report will help those using money transfer services by giving a clear breakdown of the options available to them. And, of course, we’re pleased to see Azimo recognised as one of the best options for UK and German customers,” concluded Kent.
Azimo is the world leader in online and smartphone-based money transfers – providing a fast, secure and low-cost alternative to legacy high street remittance services. Last week Michael Kent, CEO and founder of Azimo, spoke on the subject of innovation at the International Day of Family Remittances. The day was aimed at raising awareness of the importance of migrants transferring money home towards both global development and local communities around the world.***
Notes to Editors
* The Series B funding round was led by Frog Capital, with participation from MCI Investments and existing investors*, including Greycroft Partners, Accion’s Frontier Investments Group, e.ventures, TA Ventures, Anthemis, RI Digital Ventures and KRW Schindler Investments.
** Sending Money Home: European flows and markets (June, 2015) – Commissioned by the International Fund for Agricultural Development (IFAD) and based on analyses undertaken by IFAD on World Bank Data. (IFAD) is a specialized agency of the United Nations http://www.ifad.org/remittances/pub/money_europe.pdf
***Governing Council of IFAD declared 16 June the INTERNATIONAL DAY OF FAMILY REMITTANCES – see http://goo.gl/t5G26a
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About Azimo
Azimo is a London-based online money transfer service, changing the way people send money around the world. Honest, transparent and social, Azimo is the cheapest and easiest way to send money to over 200 countries across the world, from any internet connected device.
www.azimo.com
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