Digital money transfer company Azimo plans to promote COO Richard Ambrose to CEO, as Founder Michael Kent is moving from the CEO role into the executive chairman position, the company said in a release.
“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,” 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.”
New CEO Ambrose said he was optimistic about the future of the company.
“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,” Ambrose said. “The investments we’ve made in our technology platform have brought down the cost of each transfer. We’ve passed those savings onto customers, while offering them an ever-faster and more reliable service.”
Based in both Britain and Poland, Azimo allows for low-cost money transfers and aims to take on legacy financial institutions. Azimo plans to expand into Asia before the end of the year; it is one of the only FinTechs from Britain that got a European license in the Netherlands before Brexit.
The license would ensure that the company would still benefit from “passporting” rights even with the occurrence of Brexit.
“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,” Kent said at the time.
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