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.
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.”
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,” he added.