SCOTTISH fintech firm Zumo was founded in 2018 by entrepreneurs Nick Jones and Paul Roach. It aims to bring the benefits of cryptocurrencies and blockchain to everyone, from beginners to experts. In the past 18 months the company has grown from nine employees to 30.

Name: Nick Jones

Position: Co-founder

WHAT IS THE BUSINESS CALLED?

Zumo

WHERE IS IT BASED?

Edinburgh

WHY DID YOU SET UP THE BUSINESS?

I HAVE known my co-founder Paul Roach for a long time. I moved back to Edinburgh from London in 2016. I was interested in cryptocurrency and looked at the parallel between younger people – two generations of people will be worse off than their parents. Pensions are not what they used to be. Blockchain and bitcoin were developed as a parallel system with less cost. It’s a way for younger people to earn an income and solves generational wealth. Our motivation is to give as many people as possible access to a fairer world.

HOW DOES IT WORK?

WE’VE tried to make it simple and secure to access. Half of people in the UK bought cryptocurrency in the past six months. Our app makes it easy to buy your first bitcoin, hold it securely and convert it back to Sterling. We have a visa card so you can spend the Sterling balance you have in your account. You can connect your current account. In the future we want products that look like standard banking products, like savings accounts. We’ve tried to let people take the first steps in exploring the cryptocurrency world and understanding price fluctuations.

WHAT IS YOUR TARGET MARKET?

WE have a diverse spread of users from people who have been involved in cryptocurrency for a long time to first timers who have wanted to buy bitcoin but have been put off by the complexity of other products. People say it’s easy and straightforward to use.

HOW IS IT DIFFERENT FROM COMPETING BUSINESSES?

THE ease of use. We have something that is very complicated with a very simple presentation layer on top. You don’t need to know in an in-depth way how a laptop works to watch Netflix on it. We spent two years building a complex understructure to make sure it’s as secure as possible. It should allow anyone to use it fairly quickly.

IS SCOTLAND A GOOD PLACE FOR THIS TYPE OF BUSINESS?

YES. Glasgow has less of a profile than Edinburgh but the central belt in general is good. There are lots of talented people coming out of Scottish universities and there is Scottish Enterprise support for early-stage businesses. Talent is harder to source the bigger you get. Funding for high-growth companies is not as readily available in Scotland compared to London, San Francisco and New York, but there are challenges wherever you go. Covid has changed the dynamic as we are less likely to hire locally. Scotland has a history of banking and financial services and a small, highly educated population so it could be the forefront of the sector.

WHAT DO YOU ENJOY MOST ABOUT RUNNING THE BUSINESS?

BUILDING a business with purpose and a strong culture with challenges over the past 18 months. It’s enjoyable when you get it right.

WHAT IS THE BIGGEST CHALLENGE IN RUNNING THE BUSINESS?

FINDING talent in any tech business is extremely difficult. It’s one of the fastest-growing sectors and there are not enough engineers. It’s also a challenge trying to build a positive work culture. We have grown from nine to 30 people in the pandemic.

WHERE DO YOU HOPE THE BUSINESS WILL BE IN 10 YEARS?

TO have a globally significant company that has global reach and to bring the benefits of this decentralised world of blockchain to many customers while making sure we remain true to our purpose. We want to be one of the rare tech companies that ends up being publicly owned over time. It’s a fantastic goal to have in mind.