UK-based money transfer service Azimo has introduced the launch of its Dutch subsidiary, Azimo BV. The transfer makes Azimo the primary UK FinTech firm to separate its UK and European operations in anticipation of Brexit. All Azimo transfers despatched from outdoors the UK are actually dealt with by the brand new subsidiary.
The agency mentioned it began to search for a brand new European base after the June 2016 Brexit vote.
The corporate was granted a licence by the Dutch Central Bank (De Nederlandsche Bank) earlier this 12 months, and has since opened an workplace in Amsterdam to accommodate its European operations group as the corporate continues to develop its share of the $700bn international remittance market.
Richard Ambrose, CEO of Azimo, mentioned Amsterdam was one of the best place in Europe to develop a fintech firm outdoors of London as a result of Brexit.
“It has a culture open to innovation, outstanding talent, a thriving banking sector and a sophisticated regulator,” he mentioned.
“It also guarantees that we can continue to benefit from EU passporting rights to offer our service across Europe.”
Azimo’s remittance service has been accessible to Dutch prospects since 2015, and is principally utilized by migrant staff to ship cash to family and friends overseas.
Since launching in 2012, the agency has served greater than 1,000,000 sending prospects, and dealt with greater than £2bn of switch quantity.
Its switch quantity elevated by 60 per cent year-on-year within the monetary 12 months to June 2019.
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