UK mobile money manager Zeux thunders into view
London-based mobile money management app Zeux has entered our crowded fintech zone.
“The world’s first fiat and crypto payment and investment app”
Zeux calls itself an “all-in-one money manager” and lets users compare savings and investment products on the market. On Twitter it markets itself as “the world’s first fiat and crypto payment and investment app”.
Frank Zhou, Zeux’s CEO and founder, tells FinTech Futures: “Inspired by the convenience of a cashless society in my home country, China, I want to bring the same thing to the UK market and this is where my dream started. I want people to be able to have full access to all financial services – mobile payments, investments, low-cost overseas transfers etc – in one place.”
Zeux explains that it will target the Chinese expat community in the UK.
The reasons are very clear: “They have experienced the convenience of AliPay/WeChat Pay in China, and have no similar app in the UK which allows you to carry out all of your financial activity from one app/place.”
It is working with unnamed Chinese social media and marketing agencies to target them. Then, it will roll out to the rest of the UK, “specifically 20-45 year olds who are tech-savvy or familiar with mobile apps, contactless and NFC payments etc”.
In terms of features, these include all accounts can be seen in one place, categorised spending, and notifications on every spend. Customers can pay anyone (with or without a Zeux account); and money can be sent with a mobile number.
In addition, it offers “borderless spending”, zero-fee FX, and a virtual card.
Zhou has a lot of experience as an FX options trader for firms such as Société Générale, Merrill Lynch, and Lloyds.
The firm is technically a UK-Chinese operation – the CFO, CTO and COO are based in London, while the project manager and lead engineer are in Shanghai. It sees itself as a “UK company with the support from China”.
Zeux tells FinTech Futures that it is funded with £500,0000 angel funding from “high net-worth individuals” and an unnamed Chinese fintech company. It is currently raising more money through an initial coin offering (ICO). No financial details on that.
The soft launch of its mobile app is set for next month. The public launch in the UK will come in early 2019, followed by a roll-out to Europe the year after.
It has “thousands” of early sign-ups at the moment. Its target is to have 100,000 at the end of 12 months after its public launch.
