Leadership Transition at Azimo Marks New Growth Phase
London-based digital money transfer platform Azimo — backed by Rakuten Capital and other prominent investors — has announced a strategic leadership shift. Founder Michael Kent transitions to Executive Chairman, while Richard Ambrose, the company’s COO, steps into the CEO role. This change coincides with Azimo’s achievement of profitability in Q2 2019, a notable milestone in the competitive fintech landscape.
Profitability in a Crowded Fintech Market
With $50 million in total funding from investors like Rakuten, Greycroft, and Frog Capital, Azimo stands out by prioritizing sustainable growth over unchecked expansion.
“We’ve bucked the fintech trend by focusing on profitability first,” says Ambrose, a former PayPal executive. “Europe’s complex market—with its diverse currencies and payment behaviors—has been the perfect proving ground for our global ambitions.”
By the Numbers: Azimo’s Market Impact
- 1.1 million registered senders and 2.3 million receivers worldwide
- Average transfer amount: £250
- Users send money 2.4 times per month on average
- Key corridors: Africa, Southeast Asia, Eastern Europe, and Latin America
- Planned expansion into Asia later in 2019
Founder’s Vision and Future Focus
Michael Kent, who will now oversee investor and partner relations, emphasized the team’s achievements:
“We’ve built a world-class platform that reduces costs for millions globally. Richard’s leadership ensures this momentum continues.”
Kent remains active in fintech as an angel investor, backing startups like Curve, Tandem Bank, and Thriva through his ventures.
What’s Next for Azimo?
Under Ambrose’s leadership, Azimo aims to scale its cross-border payment solutions beyond Europe, leveraging its profitability to fuel strategic growth. The company’s success highlights a shift toward sustainable fintech models in an industry often dominated by cash-burning compe*****s.
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