The partnership will enable Zumo to begin development of a seamless fiat-to-cryptocurrency payments system complete with a sterling (GBP) functionality.
Digital payments platform Modulr confirmed it will provide the underlying payments infrastructure to enable Zumo to further-develop its customer offering.
From mid-July, Zumo users in the UK will be able to hold GBP funds within the firm’s wallet platform, as well as buy and sell cryptocurrencies such as Bitcoin and Ether.
Commenting on the partnership, Zumo founder Nick Jones said: “We are delighted to partner with an exciting brand like Modulr, who shares our vision to solve the problems of access in traditional banking.
“Zumo is on a mission to radically improve the security, cost and speed of payments globally, and the addition of GBP alongside cryptocurrencies takes us one step closer.”
Jones said the new functionality will provide users with greater control of the currencies they hold within their cryptowallets. The measures, which are designed to increase user control over their finances, will be followed by the addition of a stablecoin to the Zumo platform in the coming weeks.
The Modulr partnership follows two high-profile announcements by Zumo in recent months. The firm revealed the backing of Coldplay bassist Guy Berryman and Murray Capital’s David Murray.
The Edinburgh firm also announced it plans to introduce a convertible contactless debit card and an ultra-secure messaging service to accompany its platform.
Myles Stephenson, chief executive and founder of Modulr said: “We are delighted to power the innovation that Zumo is bringing to the market and the UK economy.
“We are proud to provide the underlying GBP payments infrastructure upon which Zumo builds and enhances its services.”
- Modulr and Soar partnership offers digital support to Scottish firms
- New Money Dashboard app to help bolster customer financial safety nets
- £22.5m funding boost to support Scotland’s fintech cluster
Last month, Modulr raised a further £18.9 million in growth funding from Highland Europe, bringing the total funds received by the fintech scale-up to just over £53.3 million since 2016.
In March, the firm also announced it had joined the global payments network, Visa, as a principal issuing member.