By Oliver Smith on Wednesday 28 August 2019
New boss plots Asia expansion ahead, with a possible IPO on the horizon.
Seven-year-old money transfer firm Azimo has reached profitability in the second quarter of 2019, making it one of just a handful of fintech startups to have reached break-even.
The news comes as COO and former PayPay exec Richard Ambrose takes over as CEO from co-founder Michael Kent who is stepping into the role as executive chair of the company.
Azimo says it’s enabled more than $2bn worth of transactions from over a million customers since 2012, and has seen the volume of transfers increase by 60% year-on-year.
The company is also weighing up plans for an IPO, now that it’s reached profitability, which AltFi understands has a working timescale of being 18 to 24 months away.
“The fundamentals of our business are strong,” said Ambrose. “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.
Next on Ambrose’s agenda will be Asia, where the company has launched and plans to expand across the continent later this year.
Azimo currently supports payments in over 80 currencies and more than 190 receiving countries.