Preparing for Brexit changes
Azimo, an international money transfer service, has launched Azimo BV, a Dutch subsidiary. This makes it the first UK-based FinTech company to divide its British and European operations due to Brexit. All money transfers made outside of the UK are now processed by the new office.
Headquartered in Krakow and London, Azimo has handled more than €2.3 billion in funds since debuting in 2012. The company began searching for a new European base after the 2016 Brexit referendum and joins several other financial services companies that have also moved to the Netherlands. Earlier this year, it received a licence from the Dutch Central Bank and opened an Amsterdam office.
Europe’s best place to grow a FinTech company
CEO Richard Ambrose said in a press release that, “Aside from London, Amsterdam is the best place in Europe to grow a FinTech company,” adding that the city has “a culture open to innovation, outstanding talent, a thriving banking sector and a sophisticated regulator.” He also explained that the access to EU passporting rights provided by the Dutch subsidiary secures Azimo’s ability to do business across Europe.
Over 20,000 people work in the Netherlands’ growing FinTech sector and the majority are based in Amsterdam. Dozens of international banks have offices in the capital (including Norinchukin and the European Investment Bank) and it was named as a top centre for green finance by the Global Green Finance Index in 2019. Additionally, Adyen – Europe’s most valuable FinTech startup – is based here and worth over $8.3 billion.
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