Scottish fintech zumo posts 100x user growth

One year on from a 150% oversubscribed £1.66 million seed funding round closed in just a few short hours, Scottish fintech Zumo has reported that its customer base grew a hundred-fold over the course of the year, increasing from 500 in August 2020 to 50,000 in August 2021.

Founded with the mission statement ‘smart money for everyone’, the Edinburgh-based crypto wallet and payments platform is one of a range of Scottish-born fintechs thriving amidst the vibrant Scottish fintech scene, with underpinning GBP payment services provided by fellow young company and FinTech Scotland member Modulr.

Backed by early investors including Murray Capital, Coldplay’s Guy Berryman and the Scottish Investment Bank, Zumo’s mobile app and B2B product offering aims to bring the benefits of cryptocurrencies and blockchain technology to people and businesses everywhere, and it will continue to pursue ambition plans for growth over the course of 2022.

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:

“As we grow, it's great to see the fintech ecosystem around us growing, too - not least through the efforts of organisations such as FinTech Scotland.

“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.”