Thursday, July 2, 2020

Digital money transfer service Azimo reaches profitability

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Azimo, Europe’s leading digital money transfer service, today announced that it has reached profitability during Q2 2019.

Following the successful expansion of sending to regions such as Africa and south-east Asia, the volume of transfers enabled by Azimo increased by 60% year on year.

Building on the momentum of its expansion strategy, Azimo will be extending its services to allow customers to send money from Asia, the biggest money transfer region in the world, before the end of 2019.

Michael Kent, the co-founder of Azimo, is also stepping down as CEO, to be succeeded by former PayPal executive Richard Ambrose, who has been the company’s COO for the last two years. Mr. Kent will take up the position of executive chairman.

Commenting on the achievements of the company, Mr. Kent said: “I am immensely proud of the sustained growth and success of Azimo, and of the team that made it happen. We’ve created a world-class service and payment platform, which is transforming the lives of millions of people around the world.”

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“The time is now right to hand over the role of CEO to my successor, Richard Ambrose, who has played a big part in the company’s development since he joined Azimo two years ago. I will continue to work closely with him and the rest of the team to make sure that our success story continues.”

“The fundamentals of our business are strong. We’ve bucked the trend in fintech by focusing on profitability and long-term sustainability.  We’re careful with our customers’ money, and with our own money too,” said Richard Ambrose, Azimo’s new CEO.

“The investments we’ve made in our technology platform have brought down the cost of each transfer. We’ve passed those savings on to customers, while offering them an ever-faster and more reliable service,” he added.

Azimo’s advantages of ease of use, reliability and excellent technology has attracted more than 1.5 million customers since its launch in 2012, leading to sustained top-line growth year on year.

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Based in the UK and Poland, the firm offers customers a fast, low-cost way to send money abroad that challenges the dominance of banks and traditional money transfer providers. It supports payments in more than 80 currencies to more than 190 receiving countries, reaching more than 5 billion potential customers.

Azimo made headlines in March as one of the only UK fintech companies to secure a European licence ahead of Brexit.  Its Azimo BV subsidiary is based in the Netherlands.

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