We have great news to share with you today. We have recently completed a $20M Series A funding round led by Insight Partners. We also welcome Distributed Global (in partnership with Temasek) and Austin Rief Ventures, who participated in this round with our existing investors Benson Oak, Samsung Next, Elron, Collider Ventures, FJ Labs, and others.
We are honored to partner with them. Insight Partners has made a name for themselves as one of the best growth equity firms for technology ScaleUps. As early backers, they have teamed with some of the most legendary brand names in the software ecosystem such as Shopify, DocuSign, Wix, Lightricks (makers of Facetune), Delivery Hero and more. We are humbled that they chose Zengo as their first crypto investment, and we know they are deeply committed to continued investments in the space. We could not be more excited.
Zengo has grown tremendously since we launched on iOS and Android in early 2020. As crypto technology continues its breakthrough towards mass adoption, and first-generation players built on centralized principles are capturing the attention of a broader audience, we want to be the easiest, safest way for anyone to fully own and control their crypto, and to help our customers become active, empowered participants in the digital economy.
When considering our options to achieve this, partnering with Insight Partners became the obvious choice due to their deep understanding of the consumer space, their genuine interest in crypto, and their alignment with our vision.
Keyless, passwordless, seamless. The road to a more perfect wallet.
We believe that a true crypto-based future will require solutions that are radically simple, mobile-first, and “built on-chain.” Our approach, based on Multiparty Computation (MPC) has over time become a proven structural choice for many large players in the industry. This approach, which eliminates traditional single points of failure, has helped us build the first consumer-grade wallet that made crypto simpler, but also an order of magnitude safer.
Until today, customers had a choice between hosted and self-hosted solutions. And let’s admit it, what’s the point of this crypto revolution if all we do is replicate the legacy bank infrastructure? We believe a new, and maybe better way is possible – where MPC provides the best of both worlds. The quest for the perfect wallet may be a never-ending mission, but we are now well-positioned to travel this road for the long term.
A big thank you.
We want to thank all of our existing investors and advisors that have supported us from back when we were just an idea on paper up to today. We also welcome our new partners to the family – we cannot wait to introduce the world to the innovations we have been preparing quietly together for the past 2 years.
None of this would have been possible without our amazing team, our customers and our partners, and their dedicated support and passion for our product. The word is spreading – in 2020 Zengo processed over $100M in crypto transactions. In the first three months of 2021 alone, we’ve already surpassed this milestone.
So, what are we planning to do next?
The first order of business: keep on building the best crypto wallet for retail investors. More chains and asset support, more security and safety protection, more financial services (including a VISA payment card), and a bigger set of choices and options for on-ramp, off-ramp, trade, and savings services. All in service of a true all-in-one on-chain wallet with an outstanding focus on simplicity.
This cannot happen without a great team. We will continue recruiting world-class talent in Research, Engineering, Product, Marketing, Business, Legal, and Customer Ops. And by the way, we are hiring.
Finally, we’re going to hit the gas on growth! This also means ensuring we have rock-solid engineering, financial, and compliance infrastructures. We are going to bolster our investment in Customer Ops – which we believe is THE critical foundation for a shockingly good user experience. Our goal here? To become the absolute industry reference for speed, accuracy, and customer happiness.
One last word.
This is just the beginning. We are humbled by this opportunity but understand funding in itself is not our goal, it is our means to achieve a greater goal. We have set lofty objectives for ourselves and are determined to keep working hard to reach them. Especially in an industry that is moving at blitz scale. To do so, we will have to stay focused on our core mission, and pardon the pun, keep it *zen*.
After all, it takes some peace of mind to deliver peace of mind.