International money transfer start-up signs £300,000 angel investment deal
Investors including chairman of Octopus Investments back Azimo
UK-based international money transfer company Azimo has secured a £300,000 investment from a group of high net worth individuals.
Among the angel investors was chairman of Octopus Investments Matt Cooper, who formerly led Capital One Bank Plc as the managing director.
Launched in July 2012, Azimo enables users to transfer money to more than 125 international destinations online or through a mobile app, with charges at around 1-2% of the transaction.
Promising savings of up to 85% on transfers with high street banks or other money transfer operators, Azimo aims to compete with firms such as Western Union and MoneyGram.
The start-up, which also enables users to integrate the service with their Facebook contacts and send transfers to them directly, is set to use the funding to expand its operations.