Azimo, a payment transfer startup based in London, raised a $1m seed funding round to finance further European expansion.

This investment round was led by eVentures, who previously invested in Groupon and Pulse.

Cheaper money transfers

Azimo offers low cost international money transfers at rates of around 1%-2%, significantly undercutting traditional bank transfers and the likes of Paypal and Western Union. They currently offer the service via their website and a mobile app.

Track record

Azimo have received Angel funding from CapitalOne’s founder Matt Cooper,  who also participated in this latest investment round.

michael_kent

Founders Michael Kent and Ricky Knox previously started the Small World Financial Services Group and grew it into a $4.5bn turnover.

Commenting on the investment news, CEO Michael Kent [pictured right] said:

“We have big ideas for using social, mobile and digital technology to shake up money transfer to the developing world, which, for years, has held consumers hostage to excessive fees. With this investment, we will expand our network and launch our service in the rest of Europe.”

To mark their first birthday, Azimo will be offering all transfers for free starting today until the end of October.