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April 8, 2019

Money transfer firm Azimo receives Dutch licence ahead of Brexit

British remittance firm Azimo has bagged a licence to offer services in the Netherlands.

The authorisation from the Dutch central bank will offer a hedge against hard Brexit.

However, Azimo will retain its London base.

With the Dutch licence, the firm continues to avail its passporting rights.

These rights enable firms registered in the European Economic Area (EEA) to conduct business freely with all EEA states without regulatory barriers.

UK firms would soon lose these rights owing to Brexit, when UK ceases to be part of the EU bloc.

Azimo enables money transfers from Europe to over 200 countries.

Users can opt for cash pick-up, bank deposit as well as mobile wallet payment.

The firm bolstered its European presence last year by launching its service in Poland, and setting up an office in the Dutch capital of Amsterdam.

Last May, the firm secured $20m in a Series C funding round led by Rakuten Capital.

Azimo CEO Michael Kent said that the firm zeroed in on Netherlands for European expansion after evaluating other options.

“Outside the UK, it’s the best place to grow a fintech company in Europe. It offers a welcoming culture open to innovation, access to talent, a thriving banking sector and a strong regulator,” Kent noted.

UK firms have been flocking to ramp up operations or set up subsidiaries in other EU countries as Brexit contingency planning.

Earlier this year, money transfer firm TransferWise applied for a Belgian payment institutions licence.

 

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