London-based startup Azimo, which facilitates money transfers to other countries via an online platform, wants to intermediate transfers of some USD 40 million to and from Romania within one year after the launch of the service. This would amount to about 1% of the total money transfers carried out by Romanians living abroad.

Romanians who live in other countries make transfers of about USD 4 billion annually, said Michael Kent, Azimo CEO.

There are about 3 million Romanians living in countries in the European Union, mainly Spain, Italy, Germany, and the UK. Romanians send home an average of USD 1,300 per year, Kent added.

He estimates that about 100,000 Romanians living abroad will transfer money via Azimo in the first year after the company’s launch in Romania.

To transfer money from euro to euro, Azimo asks for a fee which amounts to 1% of the transferred amount, whereas for the transfers from euro or pounds to Romanian currency lei there is a fixed fee of EUR 2.99 or GBP 2.99.

editor@romania-insider.com