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Zumo, the Leith-based digital currency and payments platform, raised £1.4 million while Blackford, an insurance brokerage with offices in Aberdeen, Edinburgh, Glasgow and London, secured £800,000.
Zumo has appointed its first chief technology officer to lead its plans for product launches later this year. Tim Sabanov, who was previously lead technical architect with Zumo, assumes his role immediately.
The fresh capital will allow both businesses to fund their growth through the pandemic and provide “solid financial footings” for the future.
The investment follows Murray Capital’s participation in another Future Fund cash injection, in a company called CloudNC at the end of 2020. Based in Chelmsford, CloudNC is a UK precision engineering firm which has introduced a “ground-breaking” AI-based (artificial intelligence) approach to manufacturing.
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Zumo, the digital currency and payments platform, has appointed its first chief technology officer to lead its plans for new product launches later this year.
Tim Sabanov, who was previously Lead Technical Architect with Zumo, assumes his role immediately and will oversee the development and roll-out of new products including a debit card that converts cryptocurrencies to traditional currencies like pound sterling. Earlier this month, Zumo celebrated 25,000 registrations on the Zumo App, which Tim helped launch last summer.
Tim brings ten years of leadership in providing solutions to firms working with blockchain technologies and specialises in payments, financial services and FinTech. He was most recently, Full Stack Blockchain Developer with Slovenian-based app specialist D.Labs, also working with mungoparc, SPRD.digital and Zabec.net. Before entering the blockchain sector in 2015, Tim founded Vragec.si, a creative design agency, and was Creative Direc