Zumo surpasses crowdfunding target as it looks to capitalise on Scotland’s growing FinTech sector

Scottish FinTech platform Zumo has stormed past the target of its crowdfunding campaign to reach £1.5m.

The funding, which is being raised on the Seedrs platform, still has another 10 days left and could see the FinTech secure even more capital. An initial target for the fundraise had been set at £1.1m.

Zumo is raising the funds at a pre-money valuation of £10.5m and has offered 13% of its equity for the campaign.

At the time of writing, there have been 639 investors to contribute to the funding round.

Zumo is a mobile wallet and payments platform that has the goal of bringing decentralisation and cryptocurrencies to people everywhere. Its blockchain-powered smart wallet enables consumers to trade, store, transfer and spend cryptocurrencies.

The app, which is initially aimed at the UK market, also comes with a debit card that lets people spend cryptocurrencies like traditional money.

Businesses can also make use of Zumo, with ZumoKit providing banks, payments companies and developers the ability to build their own products. It also offers the ZumoPay solution which enables businesses to accept cryptocurrency payments.

Earlier in the year, the Global Open Finance Centre of Excellence (GOFCoE), which is being established in Edinburgh, has received £22.5m in new capital to strengthen the FinTech ecosystem  in the country. This will offer a place to research and develop innovative solutions in the open banking and financial data space.

Scotland has been seeing a growth in its FinTech scene. Research from FinTech Scotland stated that the country had seen the number of active FinTechs increase by 60% in 2019.

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