Ziglu, a start-up based by Starling Financial institution’s former chief know-how officer, Mark Hipperson, has appointed Monzo’s former authorized head as its chief authorized officer (CLO).
James Sullivan labored as Monzo’s head of authorized for one yr and 9 months. Previous to Monzo, Sullivan led the authorized and compliance workforce at Funderbeam – a funding and buying and selling platform for personal corporations.
He’s additionally frolicked at Australia-based world funding supervisor Cromwell Property Group – which purchased his earlier employer, Valad Europe, in 2015.
Ziglu turned a licensed digital cash establishment (EMI) authorised by the Monetary Conduct Authority (FCA) again in August.
Ziglu permits folks to immediately ship or obtain “any” bodily or digital foreign money to or from a contact inside the Ziglu group
Ziglu’s engaging development
“It was at all times going to take an exceptionally thrilling alternative to maneuver on from Monzo,” says Sullivan on the appointment.
Sullivan cites Ziglu’s development in the previous few months as a significant cause for his leaping ship.
Not solely has the start-up landed its licence, it additionally launched peer-to-peer (P2P) funds for crypto and fiat currencies in September.
In June, it raised £5.25 million in seed funding. At present, the start-up is crowdfunding on Seedrs. It has £3.1 million from 1,234 buyers up to now.
“[Ziglu] is knocking it out of the park with its first crowdfunding on Seedrs,” says Sullivan. “It’s been a formidable journey in just some months.”
Each Sullivan and Ziglu CEO Hipperson cite the fintech’s imminent worldwide development plans as a giant a part of the brand new authorized appointment.
This might level to the start-up’s plans to collect extra licences overseas.
Concept behind Ziglu
Launched as lately as June, Ziglu has referred to as itself a cryptocurrency-focused financial institution.
It insures digital belongings in opposition to cyberattacks as much as the worth of £50,000, while fiat currencies are safeguarded in a segregated account.
Though Ziglu does have an EMI licence, crypto belongings usually are not regulated in the identical approach bodily belongings are.
Based mostly on the cloud, Ziglu claims its “modern-day account” is prepared for “hyper-scale development”.
“Paying folks ought to be prompt, free and simple no matter their location or the foreign money, whether or not that’s splitting the price of your Airbnb or sending a Bitcoin birthday current,” says Hipperson.
Hipperson based Ziglu again in September 2018. His intention from the start was to interrupt down foreign money boundaries.
The beginning-up guarantees aggressive charges, real-time balances and no hidden charges when customers purchase or promote crypto. A 1.25% fee applies on all trades. Customers even have entry to in-app buyer assist.
Learn subsequent: Ex-Starling CTO’s start-up Ziglu launches crypto P2P payments