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  • Payment
  • United Kingdom

REX: Azimo Reaches Profitability


  • London-based money transfer service Azimo reached profitability in Q2 2019.
  • Azimo also announces governance changes.
  • Goal: make their organisation match their strategic plan.
  • Their COO, former executive at PayPal, Richard Ambrose, is being promoted to CEO. And founder CEO Michael Kent becomes “executive chairman”.
  • Achievements:
    • Over 1.5 million customers since launch in 2012.
    • Over $2 billion in transactions.
    • 60% increase in transfer volume year-over-year.
    • Supports payments in more than 80 currencies to more than 190 receiving countries.
  • Now that they reached profitability, Azimo is looking into a possible IPO for the coming months.


  • Maintaining growth. Azimo’s has always been focusing on profitability and long-term sustainability. Despite increasing competition on the market for money transfer, they hope their business model can stay profitable. To this end, they will be expanding their set of offers, while also featuring lower price ranges.
  • Reaching global scale. Internationalisation stands out as the next challenge for Azimo. This announcement is in line with their successful expansion into Africa and Southeast Asia, which contributed to boosting transfer volumes. They plan to foray further into the Asian continent later this year, reaching out for over 5 billion potential customers.


  • A year ago, this start-up announced a $20 million funding Series led by Rakuten Capital. Their latest financing campaign lifts the overall amount raised to $50 million.
  • Azimo, however, still lags behind some of their direct rivals. Remitly raised $175 million. And TransferWisde conducted a $292 million fundraising round in May, lifting their valuation to $3.5 billion. Besides, in September 2018, this European Unicorn announced their cross-border money transfer business is profitable for the second year in a row.