Spreading the love
Scotland-based, we also have a London presence and are regularly represented there. It's one way to strike the balance. What I would say is that our remote and decentralised workforce is indicative of the industry we are in from our perspective, it allows Zumo to draw on a wider talent pool and be less subject to the geographical constraints that have previously defined business operations. No doubt London deserves a lion’s share of the credit for bolstering fintech and payments growth within the country. Open Banking was established in the capital city and has become one of the pivotal landmarks of innovation within the sector, with API transactions growing from £66.8m in 2018, up to £6bn by the end of 2020. But now it's time for other countries to boast on their latest technological breakthroughs. Zumo is enabling customers with new and efficient methods of cryptocurrency payments, whilst BankiFi is tapping deeper into
NOW IT'S TIME FOR OTHER COUNTRIES TO BOAST ON THEIR LATEST TECHNOLOGICAL BREAKTHROUGHS
APIs, launching a superapp last April known as ‘Open Cash Management’. SBC: What is your company working on that will move the UK fintech sector forward in its next cycle? Nick Reid: Supporting and enabling SMEs to do more from their trusted bank’s online and mobile banking channels will help to move the fintech sector forward in its next cycle.
This year, we have been working on a number of ways to help improve our services for SMEs, with one example being our partnership with TSB to launch the Revenu app. The app enables small businesses to get paid quicker and reduce time spent on managing their business’ finances. In 2023, I think many SMEs will have laser focus on their immediate-term needs in the face of some serious economic headwinds. For some, that will mean getting paid for services delivered as quickly and conveniently as possible. That will mean getting access to capital quickly to fund the assets that they need to grow their business to the next level. Nick Jones: No doubt, crypto is the sector with the highest risk - and the highest potential. We're here to build a unicorn business and put a stake in the ground for the next era of finance: go big or go home. Given crypto's nature as a global product and market, it's about being at the cutting edge of new technology that goes far beyond the UK. At Zumo, we're pioneering that technology and believe it will transform the fintech landscape for Nick Jones, the better. •
CEO and Co-Founder of Zumo
82 SBC LEADERS • JANUARY 2023