Fintech startup Azimo reaches profitability and appoints new CEO

Azimo, one of Europe’s leading digital money transfer service, has 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.

Based in the UK and Poland, Azimo 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. 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.

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