Azimo, the leading digital money transfer service and FinTech 50 company, has announced that it will launch a Dutch subsidiary, Azimo BV. This will make Azimo the first UK FinTech company to separate its operations in the lead up to Brexit. The news comes after they announced the opening of their new office in Amsterdam earlier this year to help them grow their market share for cross-border payments from Europe.
Following the UK’s decision to leave the European Union, Azimo has launched its new European base, where all transfers outside of the UK will now be handled. The Dutch Central Bank, De Nederlandsche Bank, has granted the license that will allow the company to trade from its office in Amsterdam.
Richard Ambrose, CEO of Azimo, said Amsterdam is the best place in Europe to grow a fintech company, with Azimo’s remittance service being available to Dutch customers since 2015, which has overwhelmingly been taken up by Dutch migrant workers who send money to friends and family abroad.
“It has a culture open to innovation, outstanding talent, a thriving banking sector and a sophisticated regulator,” he said. “It also guarantees that we can continue to benefit from EU passporting rights to offer our service across Europe.”
Since its launch in 2012, Azimo has handled over £2bn of transfer volume and served more than a million customers.
You can read more about Azimo’s news here.