Chairman's Report 2021

The peak of uncertainty and excitement - that’s how I would describe 2021 for us. Not in a long time has a singular event, like Covid-19, had such wide-ranging repercussions, creating fear and heightening global disparities. Economies big and small experienced unprecedented swings, constraints and challenges that affected us all in ways we could not imagine.  

Through these challenges, many discovered new ways of working and trading. Now more than ever, we see the need for improved international banking. So, it's fitting Zenus opened to clients this year. 

Grand Opening 

For me, launching our Personal account has undoubtedly been the highlight of the year. Despite numerous disruptions to our operations (and our vendors), we made an opening announcement at the premier banking/fintech conference of the year - Money20/20 in Las Vegas, Nevada and commenced opening client accounts. 

Building the bank 

For us, 2021 has been about building a robust, scalable business. We’ve delivered the foundations on which we can now grow quickly and sustainably. 

Investment 

Funded to date by Private Equity and synergetic investors, our Series A investment round has ensured we exceed capital requirements and can now undertake all our planned projects.  

Safety of funds 

Providing a trusted service is imperative for us. But as a full-reserve digital bank with international clients, the risks that apply to our customer deposits are very different to those of traditional FDIC insured banks. We don’t lend or speculate with client funds, they remain available in the bank at all times, so there is minimal risk to insure. Despite this, we’ve secured comprehensive cybersecurity and crime insurance from top-tier institutions to provide additional client confidence. 

People 

Recruiting good, skilled talent has been an ongoing challenge for employers worldwide in 2021, and Puerto Rico has been no exception. Despite this, our HQ team has continued to grow with more IT and product people. We still have plenty of open positions both in Puerto Rico and beyond. 

This year we’ve established a dedicated Client Service operation in Arizona to support enquires by phone, email, web and social channels. An additional Dominican Republic team will supplement our operations in the upcoming year. 

Zenus in numbers 

• Listed in 150 Apple Store and Google Play markets

We’ve released our iOS and Android apps in all markets available to us to support our global reach. That makes Zenus the bank with the broadest geographical reach in the world. 

• Active clients in 59 countries

Most accounts are opened automatically with our patent-pending application process, making Zenus the first and only American bank to offer this service. 

• 110 thousand unique visitors

Redesigned and launched in Q4 we have seen a significant uptake in interest with our new website, acquiring a far-reaching audience with no advertising done yet. 

Zenus in 2022 

Listen, learn, adapt, and continue to build will be our mantra for the year ahead. We’ve already started with this mindset and have lots of client feedback integrated into our product roadmap, including physical debit cards, business accounts and user experience improvements. 

There's no doubt 2022 will be an exciting year in our journey of making Zenus the #membersonlybank of choice for the internationally active.  

Finally, I’d like to thank our clients, partners, and my wonderful group of colleagues, who have shown resilience and adaptability to the challenges presented. Our leadership team operates in start-up mode wearing multiple hats and working tirelessly to bring this innovative business to life. 

Happy Holidays, 

Mushegh Tovmasyan 

Chairman of the Board 

The Zenus Team has grown significantly in 2021 

Our HQ in San Juan celebrated its third New Year’s party perfectly capturing the rollercoaster of emotions that has been. From the first few brave joiners to a year of masks and restrictions to finally being able to celebrate our launch.