Azimo becomes profitable and plans Asian expansion

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more

  • Azimo reaches profitability and appoints new CEO 
  • Details of investment levels revealed
  • “I am immensely proud of the sustained growth and success of Azimo”, says co-founder

Major international money transfers service Azimo has announced that it has reached profitability – and that it will be appointing a new CEO as part of a reshuffle. 

Azimo said that it first reached a profit point in the second quarter of this year, and it has grown by 60% on a year on year basis to the end of that quarter.

It is a well-known name in the online money transfer sector and has expanded into key markets such as South East Asia in recent times. 

There has also been a reshuffle among the senior officers of the company, timed to coincide with the announcement of profitability.

The Chief Operating Officer, Richard Ambrose, will now become the Chief Executive Officer. He will replace the company’s founder, Michael Kent.

Ambrose is a former employee of PayPal and has extensive experience in the industry. 

Kent will now become Executive Chair. 

According to figures provided by Azimo, it has gained one and a half million customers since it was first launched back in 2012. 

It has recently been granted a license to operate in the Netherlands, which in turn gives it the right to do business in Europe. 

With Britain's departure from the European Union imminent, this is a coup for the firm. 

The firm is also an investment magnet, and it is believed to have attracted $50 million US dollars in recent times. 

According to Kent, the company offers its customers a “world-class service”. 

“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”, he said.

“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.”

His sentiments were echoed by Ambrose, who described the firm as having “bucked the trend in fintech”.

“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”, he said.

Azimo and its team are to be congratulated for their hard work getting the company to this point. It has been one of the fastest-growing payments sector firms in recent times. 

It’s also clearly a clever firm with an eye on geopolitical affairs: by securing a license in the Netherlands, Michael Kent’s team have shown that they can adapt well to an environment that looks very different to that of even seven years ago when the firm was first launched.

Stay up to date with all the latest cross-border payments news over at our magazine section. 


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