Scottish platform thriving while empowering crypto accessibility and financial inclusion
25th August 2021, Edinburgh - One year on from a £1.66 million seed funding round achieved in just a few hours, Zumo, the Edinburgh-based crypto wallet and payments platform, has announced that its customer base grew from 500 to 50,000 between August 2020 and August 2021 - a hundred-fold increase over the course of the year.
Founded with the mission statement ‘smart money for everyone’, the cryptocurrency start-up has targeted consumers with a simple, secure mobile app that aims to make cryptocurrency understandable and accessible to the everyday user.
Backed by early investors including Murray Capital, Coldplay’s Guy Berryman and the Scottish Investment Bank, Zumo has big plans for 2022 to facilitate the next stage of its rapid growth.
Other highlights from the past year included:
- Product: launch of a new virtual Visa debit card offering seamless cash-to-cryptocurrency payment functionality, alongside innovative smart price alert and smartfolio portfolio tracking features;
- People: a doubled workforce, with key strategic hires and appointments including Chief Operating Officer Dagmara Aldridge; Chief Technology Officer Tim Sabanov; and Non-Executive Director Andy Downes;
- Enterprise: the launch of ZumoKit, a B2B crypto-as-a-service solution that allows fintechs, banks and payment providers to connect to the blockchain, adopt digital and crypto currency solutions and profit from decentralisation; and
- Awards: recognition as a ‘start-up to watch’ by Sifted, the FT-backed start-up monitoring platform, alongside further individual wins and nominations at the UK FinTech, Women in FinTech and EY Entrepreneur of the Year awards.
Nick Jones, Zumo CEO, commented: “With a global outlook, and breadth of product offering covering both mainstream consumer and business needs, we believe ourselves well placed to capitalise on unprecedented and growing consumer and institutional interest in digital assets and decentralised applications.
“We’re here to provide a new generation of smart money solutions for a new, decentralised economy - bringing financial wellness to people everywhere, not just the most tech savvy or financially literate. We believe it’s a real need in the market - as our user growth numbers go to show.
“One year on from our seed funding, it’s great to see how far we’ve come. We have an extremely ambitious roadmap and the foundations in place to move forward with pace.
“Serving both individuals and businesses through the Zumo App and Zumo Kit products, the size of the addressable market worldwide is vast. We believe we have the right blend of innovation and purpose to serve the needs of both markets. I’m excited to see where the journey takes us next.”