Azimo, a UK-based money transfer services provider, has expanded its footprint into the German and Irish international money transfer market.
As part of the expansion, Azimo will now be able to help another 85 million people to transfer money overseas at reduced rates compared to traditional financial institutions.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
With a reach of more than 190 countries and territories, Azimo allows users to send money across the globe to bank accounts and cash payment desks, and also ATMs and by courier at a low cost.
Azimo also offers a more personalised service than many competitors, allowing users to choose payees from their Facebook contacts.
According to the World Bank, the expansion move will add Azimo into the international money transfer market, worth more than $550bn a year which includes money transfers from the European Union totalling over $102bn.
Azimo CEO and founder, Michael Kent, said: "Azimo’s reach of over 190 countries and territories 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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"The platform has already seen its customer numbers double every quarter since launch and with its launch into the world’s fourth largest remittance market in Germany – worth an estimated $15 billion a year – this growth is set to rise."
