Digital payments Fintech Azimo says it will allow SME owners across the UK and Europe to pay for goods, salaries and investments in 189 countries and territories beginning this week.
Azimo claims it will undercut most pricing by banks by at least 75%. The service is aimed at entrepreneurs who are tired of excessive fees and dodgy technology from high street banks.
Azimo Business promises delivery times within 24 hours to the following countries: Poland, Pakistan, Nigeria, South Africa, the USA, Bangladesh, India, China and Hong Kong. Brokers and banks may take up to one week.
Michael Kent, Azimo’s CEO, says that in 2018 it is unacceptable for business owners to have to fiddle around on an unusable banking website to make overseas payments that take days to arrive, and then to be overcharged for the privilege.
“We are using our award-winning technology and mobile apps to give small businesses the service and pricing that they deserve.”
Azimo say its business service has been in beta testing since June. Feedback has been positive from beta users.
“We’ve added more countries than we originally planned, we’ve lowered our fees, and we’ve made it much easier to register and get started. Payments to China and Hong Kong have taken off particularly quickly, as more and more businesses choose suppliers there,” says Kent.
Azimo Business payments will be available s00n via desktop browsers and also on iOS and Android apps.
“Our research shows that business owners are deeply frustrated by their banking apps. The modern entrepreneur isn’t in front of their laptop most of the time. They like to be able to send money in seconds, from the palm of their hand,” says Dan Martins, Azimo’s chief product officer.
Azimo’s last funding round of $20 million was led by Japanese bank Rakuten in May 2018.