Scottish crypto wallet and payments platform, Zumo, 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.

Backed by early investors including Murray Capital, Coldplay’s Guy Berryman and the Scottish Investment Bank, Zumo has had a busy year that included the launches of a new virtual Visa debit card offering cash-to-cryptocurrency payment and  ZumoKit – a B2b crypto-as-a-service solution.

The last year has also seen Zumo double their workforce, with key strategic hires and appointments including Chief Operating Officer Dagmara Aldridge, Chief Technology Officer Tim Sabanov, and Non-Executive Director Andy Downes.

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.

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“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.”

Mr. Jones goes on to say: “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.”