Azimo now has Dutch license

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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
  • Payments brand Azimo has finally received its license to operate from the Dutch Central Bank, a move that will ensure that it still has passporting rights
  • Azimo did not comment about the United Kingdom’s exit from the bloc
  • Amsterdam has a successful fintech ecosystem, according to Azimo CEO Michael Kent


Cross border payments specialist Azimo just got its license from the Dutch Central Bank so that it can operate in the Netherlands. While the firm finally received its license in the country, the company says that it will maintain its headquarters in London. Azimo’s move is different from other international payments brands based in London, observers note. TransferWise, for example, will move its office to Brussels due to the possibility of a hard Brexit.

Azimo did not comment about Brexit, reports note, but its Dutch license will ensure that it will still have passporting rights for its transactions. Once the United Kingdom exits the bloc, Azimo will still be able to operate the way it has for years, experts add.

“We looked at many jurisdictions but decided the best place to expand our European operations was the Netherlands. Outside the U.K., it’s the best place to grow a FinTech company in Europe”, said Michael Kent, Azimo’s Chief Executive Officer.

Observers say that Amsterdam is the logical choice for the brand as it already has an office in the city. The digital money transfer service opened its Amsterdam office in October 2018, joining other fintechs from the United Kingdom. According to an IAmsterdam report, the office helps the brand to increase its share in the cross border payments market.

It was also noted by Kent that Amsterdam has a successful fintech ecosystem. “The Netherlands has a thriving Fintech sector with an ecosystem that makes it easier to grow our European business than anywhere else outside London”, Kent said in a 2018 interview. He also added that the Dutch capital “attracts talent from all over the world while the Dutch Central Bank is a strong regulator” receptive to new business models and innovation. The central bank already regulates a number of payments institutions, reports say. Based on recent numbers, Amsterdam is now home to over 350 fintechs.

While Kent was only talking about Azimo’s expansion to Europe at the time, observers believe that the brand’s opinion of the Netherlands remains the same.

Azimo’s office in Amsterdam is not yet a year old, but it is reportedly growing strong. It remains one of the brand’s most important offices.

Azimo’s Amsterdam office sits in the Zuidas business district, the Netherlands’ primary financial hub.

 

The company serves over 200 countries and territories as of this date and can transfer money in over 80 currencies. The brand owes its success to its technology, experts note. It has made it possible for its users to send money abroad in a more secure manner and without waiting for days to get the transaction through.


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