Azimo Adds Facebook Social Money Transfer Service

What's Next In Payments®
6:26 PM EST February 2nd, 2013

U.K.-based social money transfer startup Azimo has integrated with Facebook, allowing users of the social network to send money to each other via a Facebook app.

To use the service, consumers can choose if they want to receive their funds at a payout desk, through a mobile phone “top up” or receive directly in their bank account. Azimo also analyzes Facebook profile factors such as length of time a profile has existed, how many friends a person has and how active a person is to help fight fraud, reports TechCrunch.

“Azimo’s aim is to charge only what is fair – between 1-2 percent of the transaction – and to make it quick and easy for anyone to transfer their money overseas,” said Michael Kent, Azimo’s founder.

Read the full story here.

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