Edinburgh-based wallet and payments platform Zumo has launched ‘Zumo Enterprise’ – its new B2B ‘crypto-as-a-service’ solution that enables companies to offer crypto products and services to their customers.
It becomes the market’s only full-stack, embedded crypto solution, and allows fintechs and financial institutions to embed crypto within their existing infrastructure.
The move follows on from ZumoKit – a beta product released last year to test out the proposition.
Zumo Enterprise has been created amid growing demand for crypto products and services, with worldwide adoption jumping by more than 880% last year. Businesses realise the scale of this opportunity, with 80% of respondents to a recent global Deloitte survey agreeing their respective industry will see new revenue streams from blockchain, digital assets and crypto solutions, and 73% believing their organisation will lose competitive advantage if it doesn’t adopt such solutions.
Importantly, by being compliant in the UK, Zumo Enterprise enables fintechs to fulfil their duty of care to customers, harnessing crypto solutions in a safe and secure manner. Zumo Enterprise also features an embedded ESG and net zero strategy.
“Consumer preferences are changing. Digitalisation is accelerating. Amidst an increasingly competitive and fast-evolving financial landscape, the demand for new, alternative solutions is booming,” said Nick Jones, Zumo’s co-founder and CEO.
“Zumo’s embedded crypto technology plugs seamlessly into fintechs’ and banks’ existing tech stacks, helping them to tap into this surging demand for digital assets. Zumo Enterprise offers a compliant, flexible solution that removes the need to deploy specialist teams or incur huge development costs. It will help forward-thinking financial institutions to meet the needs of both present and future customers.”
The product is available via either application programming interface (API) or SDK software development kit (SDK).
Zumo Enterprise has been developed following the success of the B2C Zumo App, which has seen its customer base grow 25% month-on-month since the platform launched in August 2020.