The app will allow the transfer of money between the bank accounts from more than 125 countries in the world.
“Unlike other areas of financial services, social media is very applicable to remittances,” said Michael Kent, founder of Azimo. “With more than a billion people around the world using Facebook to keep in touch with friends and family, it seems only natural it should become a channel for sending money.”
“We surveyed our UK remittance customers and found nearly three quarters regularly use Facebook – and of those, over 60% were in touch with the person they wanted to send money to.”
Azimo is thinking on to consider international money transfers and migrant workers, who send money back to their families. The company will charge 1-2% of the total transaction.
“Azimo’s aim is to charge only what is fair – between 1-2% of the transaction – and to make it quick and easy for anyone to transfer their money overseas,” said Kent.