Zumo hits 10,000 app installs and pushes the button on Series A fundraise
Zumo, co-founded in Edinburgh by Nick Jones and Paul Roach in 2017, is the non-custodial wallet and payments platform that allows traditional money and cryptocurrency to work seamlessly together. The app, launched in June of this year, arrived just in time for the latest bull run on Bitcoin which hit a new three year high on November 19th and has given thousands of crypto-curious Brits the chance to buy in to crypto safely and easily. Users from across the UK have rushed to engage with the app on the back of a refer and share scheme and a hugely successful Seedrs crowdfund that saw Zumo exceed their £1mln target in just four days.
“A lot of our initial growth was due to word of mouth, users discover just how easy crypto can be and they’d tell their friends about us. That inspired us to create our Refer and Share rewards programme, allowing users to invite friends to earn 0.02ETH each after passing our identity verification.” Nick Jones, co-founder and CEO, Zumo
Now the Edinburgh based start-up is looking to raise a further £10mln to meet the demand of the growing crypto-curious market and take the benefits of cryptocurrency mainstream.
Early investors in Zumo include Guy Berryman of Coldplay fame, Steven Halliday and Murray Capital. Recent moves by the Chancellor Rishi Sunak to encourage further regulation of the crypto sector and to explore a national digital currency have helped build momentum and encourage more people to engage with this completely decentralised way to store money digitally on the blockchain.
The key difference between Zumo and other products in the crypto exchange space is that it’s not just for early adopter crypto enthusiasts.
“Most projects in the space are aimed at the 2-3% of people who’ve already got cryptocurrency, but there aren’t that many aimed at bringing in a wider audience. From the start we designed Zumo to be easy-to-use without sacrificing security.
Our app allows anyone to easily buy, sell, and store cryptocurrency using only their smartphone and an internet connection. We have no hidden fees, and don’t charge users for adding or removing their funds, only a 0.5% fee when they convert between currencies.” Nick Jones CEO and Co-founder, Zumo
Zumo also begins a four-week marketing campaign across Scotland on Monday 23 November. The humorous campaign brings home the brand’s Scottish origins and will see digital billboards and buses across Edinburgh and Glasgow play host to the distinctive branding and bring the world of crypto into everyday life with its “smart money for everyone” slogan. The campaign will also be distributed in advertorials and banners across the Times and Sunday Times in Scotland.