Digital money transfer services are continuing to make moves, and Azimo is one of the leading companies in this space. Recently, Azimo, Europe’s leading digital money transfer service, announced that it had reached profitability during Q2 2019.
60% increase YoY!
Notably, the volume of transfers enabled by Azimo increased by 60% year on year ending June 2019. Keeping up the momentum, the digital money service platform will be extending its services to allow customers to send money from Asia before 2019.
Easy way to transfer money across 190 countries!
If you are unaware, Azimo is a digital money transfer service, based in London and Krakow. The company aims to create a better and easy way to share money around the world. With the Azimo app and website, users can send money across 190 countries.
Challenges banks and traditional money transfer providers!
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, reaching more than 5 billion potential customers.
Enabled more than $2B worth of transactions
Azimo is one of the only UK fintech companies to secure a European license in the Netherlands ahead of Brexit. To date, the company has received €60 million of investment. It is worth mentioning that the digital platform has enabled more than $2 billion worth of transactions from more than a million customers. It was founded by Marek Wawro, Marta Krupinska, Michael Kent, Ricky Knox in 2012.
On the other hand, former PayPal executive Richard Ambrose has been appointed as the new CEO replacing Michael Kent, the co-founder of Azimo. Having said that, Kent will take up the position of executive chairman.
Mr. Kent 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.
Richard Ambrose, Azimo’s new CEO, said:
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. 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.
Stay tuned to Silicon Canals for more European technology news.