Chairman’s Report 2023
As we reflect on the milestones achieved in 2023, it becomes evident that this year is a defining chapter in Zenus’ journey. Since our inception in 2019, our mission has been clear: provide easy access to the US banking system for underserved people and businesses worldwide. And we’ve been a trailblazer in this regard, offering unparalleled global access to the security and convenience of US financial services. This is easily attested by our extensive global clientele, a feat achieved through considerable hard work and substantial investments.
A transformative year
Up until now, our journey has been marked by organic growth and evolution. However, as we progress, ‘transformation’ joins the narrative. This year marks a significant shift. Our business model has expanded beyond retail account opening and we successfully pivoted towards enterprise infrastructure via the addition of innovative PaaS and BaaS solutions to our offering. These developments highlight our commitment to constantly enhancing the scope and range of our services, and becoming a trusted partner in the financial technology space.
Transitioning from proof-of-concept within the retail banking sector to embracing growth opportunities within fintech has been challenging, but our strides have been remarkable. As such, I am confident that we will emerge as a pioneering provider of BIN sponsorship and BaaS solutions. Moreover, as these developments roll out and we gradually expand our clientele, I anticipate a more streamlined client acquisition process, particularly as our value proposition becomes apparent. This not only solidifies our position as a trusted long-term partner but also fosters repeat business opportunities.
Continued investor support
Moving on, I am delighted to announce that we continue to enjoy the strong backing of our investors, who wholeheartedly endorse our vision and management team, investing significantly into our latest growth round. Their belief in our mission empowers us to forge ahead with confidence and drive. This consistent support will prove vital during the period of accelerated development that we expect in 2024, and we are very grateful for their role in enabling the realization of our ambitious goals.
Global expansion
Our worldwide retail presence has also notably expanded. Earlier this year, Zenus hit a milestone with accounts opened in 100 countries. And now, we’ve broadened our reach even more, providing retail banking accounts in 120 countries, compared to 94 last year. This ongoing expansion unmistakably validates the demand for our services globally and underscores the innovative impact of our remote application process. In other words, we’re empowering more and more clients with seamless access to the robust US banking system, and that’s exactly what we set out to do.
Awards and recognition
In 2023, Zenus was honored with nine prestigious awards across the finance, technology, and marketing domains. We proudly received accolades such as the ‘Best New Banking Brand’ at the PayTech Awards and secured the ‘Platinum Award in Payments and Wallets’ for Puerto Rico at the Fintech Americas 2023, among others. These accolades reinforce our standing as leaders in delivering state-of-the-art financial solutions. Recognition within our industry isn’t merely symbolic – it substantiates our brand value and reputation while also paving the way for continued growth.
Looking ahead to a thriving future
As we navigate this dynamic landscape, we remain committed to our vision of becoming the preferred partner for enterprises and fintech entities seeking cutting-edge banking and payment solutions in the LAC region. The groundwork laid in 2023 sets the tone for an exciting trajectory as we anticipate further expansion, lucrative partnerships, and technological advancements in the upcoming year.
Conclusion
I’d like to extend my gratitude to our clients, partners, and the diligent Zenus team whose unwavering dedication has been instrumental in our progress. Together, we continue to redefine boundaries and chart a course towards unparalleled success for our business.
Warm regards,
Mushegh Tovmasyan
Chairman of the Board
