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Azimo appoints new CEO and aims for Asian expansion

Richard Ambrose, Azimo’s CEO

European digital money transfer service Azimo has announced that it has reached profitability and will be expanding its services across Asia. It has also appointed its COO Richard Ambrose as the new CEO after Michael Kent stepped down from the role. The fintech stated that it has grown over 60% year on year ending June 2019. It has raised $50 million of investment till date.

Commenting on the achievements of the company, 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 .”

Established in 2012 and based in the UK and Poland, Azimo aims to offer its customers an efficient low-cost way for sending money abroad. It supports payments in more than 80 currencies to more than 190 receiving countries.

“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,” said Richard Ambrose, Azimo’s new CEO.

In March, Azimo secured a European license ahead of Brexit.

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