Securing a future in Europe
Money transfer FinTech firm Azimo has secured approval from the Dutch Central Bank to operate in the Netherlands. The company announced that it was moving to Amsterdam in October 2018, choosing Amsterdam due to the success of the Netherlands’ FinTech ecosystem, the city’s attractiveness to talent and the Dutch Central Bank’s openness to innovation. The new licence will help Azimo increase its share of the €1 trillion cross-border payments market in Europe.
Choosing the Netherlands
When Azimo began searching for a new European location, it was contacted by representatives from several European countries. However, CEO Michael Kent knew Azimo needed a place that was close to London, had a large pool of skilled employees, a healthy tech and entrepreneurship culture and accommodating regulators. Not every location could fulfil these demands, but Azimo found that Amsterdam offered what was required.
In an interview with Politico, Kent said, “We like the Dutch regulator. They are strict, highly regarded and although it took a lot longer to get approved than we thought, they have an open mind to us and what we do, which you can’t say about all the others.” Many other companies share Kent’s feelings. In the last two years alone, the Dutch regulator has met with over 100 businesses that are interested in establishing themselves in the Netherlands and has issued more than 30 new licences.
An established FinTech hub
Amsterdam is quickly becoming a leading FinTech hub in Europe. Roughly 450 FinTech companies operate in the Amsterdam Area, including Adyen, Bux and Ohpen. Startupbootcamp, a startup accelerator, has a specialised FinTech track and ING bank is planning to open a new campus in Amsterdam Zuidoost specifically to cater to FinTech companies.