Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder.
This week, Nick Jones, CEO of Zumo, reveals how he got his start into the evolving world of digital assets. Jones details his educational journey in Scotland, how his experience with various technology startups led him to the digital assets space, as well as how he overcame the recent crypto winter.
Where did you go to university and what did you study? What impact did this have on your current journey?
I went to the University of Glasgow, and studied Modern History (MA Hons).
The course gave me the ability to really grasp the importance of societal shifts and the adoption of new technologies, which are both driving factors in the development of the digital assets sector. Given the widespread recent turmoil in the traditional financial system, people are looking for alternative financial solutions, and we now have the technology to provide them.
This sentiment really hit home in research we conducted ahead of the last general election. According to our survey, more than a third of young adults across the UK saw crypto as an important electoral issue, with a quarter of all adults believing it’s important for our country’s economic growth.
During my time at university, I also realised how much tech talent there is in Scotland, thanks to its universities’ rich heritage in computer science and informatics. This is something I looked back on when it came to deciding where to headquarter Zumo.
Were you part of any sports clubs or societies at university and has this influenced your educational and professional development?
I had a show on the award-winning Subcity Radio, which is a non-profit, volunteer-run freeform radio station in Glasgow.
Through the show, I met an eclectic mix of people and it served as good preparation for the networking that is an integral part of the business world – especially the crypto sector, where people have a diverse mix of backgrounds and experiences.
What was the first job you had in the industry and are there any lessons from this you still draw on?
My first job in the technology arena was with Goto.com (latterly Overture), which was one of the first successful dotcoms post the bubble bursting, and which was sold to Yahoo! in 2003.
This gave me my first experience of a hyper growth tech startup, and it helped me to learn the fundamentals of growing a successful B2B business in an emerging technology environment.
Who was your biggest role model – inside or outside of your industry – who continues to inspire you in your current career?
When I was a child, my biggest role model was the decathlete Daley Thompson. He never gave up, was massively resilient, and always competed with a smile on his face. These traits translate well to business.
I’m lucky to have had many great role models in the business world over the course of my career, but my continued inspiration is the amazing Mike Pegg – The Positive Encourager.
When was your first big break in the industry? Why was this such a significant moment for you?
Getting the role at Goto.com, and all the opportunities it subsequently opened up for me in the broader technology space. Followed by creating a job for myself post-acquisition – with support from my brilliant boss Leah Stitson – as Category Services Director at Yahoo!, pioneering the vertical approach to direct clients in Europe.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
The crypto winter of 2023-2024 and the two years that followed the financial crisis of 2008 have been the biggest challenges I’ve faced as a business owner.
In both cases, the macro environment was unbelievably challenging and the only way to navigate it was to control the controllables and then be as resilient as possible. Surrounding yourself with equally resilient people with different skills but the same values was the other key strategy.
Another challenge we’ve faced is the carbon footprint of the crypto sector. This is something we’re passionate about addressing through our Oxygen product, and we’ve worked extensively with the likes of the World Economic Forum to explore how blockchain can act as a ‘digital enabler’ in tackling climate change and supporting the energy transition to a more sustainable mix.
Regulators are now rightly paying more attention to this issue, as evidenced by the EU’s Markets in Crypto-Assets (MiCA) regulation, which includes mandatory sustainability disclosures covering the impact of crypto assets. Through a series of focused roundtables across Europe, we’re currently acting as a relay between regulators and crypto companies as the industry seeks to better align to the MiCA environment.
What are some of the skills you deem essential to starting in your industry and how have yours developed over the years?
Resilience, the ability to spot emerging trends (such as the need for sustainability measures in the crypto sector), and never simply walking past a problem rather than addressing it head on.
It’s also crucial to hire people based on cultural fit ahead of what it may say on their CV – and to retain a sense of humour!
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
Get ready for a bumpy ride, enjoy the journey as far as you can, and surround yourself with great people. Never give up – like Daley Thompson!
