Edinburgh-based cryptocurrency start-up Zumo is looking to raise £10m via a Series A funding round, in order to meet growing mainstream demand.
Co-founded in Edinburgh by Nick Jones and Paul Roach in 2017, the company's offering comprises a non-custodial wallet and payments platform that allows traditional money and cryptocurrency to work together.
The app, launched in June this year, was able to take advantage of a recent bull run on Bitcoin which hit a new three year high on 19 November. The app has now hit 10,000 installs on the back of a popular referral scheme.
Zumo previously raised money via a Seedrs crowdfunding campaign, which exceeded its £1m target in four days.
Early investors included David Murray's Murray Capital, former Wood Mackenzie chief executive Stephen Halliday and Coldplay bass player Guy Berryman.
Zumo founder and chief executive Nick Jones, said: “Most projects in the space are aimed at the two to three percent 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.”
