Luno managed to raise $9million in a Series B funding round from new and existing investors. The money will be used to expand into new European markets and provide innovative ways for customers to learn, buy and store cryptocurrencies like bitcoin. African customers can expect a more refined digital experience in the countries Luno currently operates.
New Funding Round
Luno is a bitcoin exchange and wallet provider that is based in London with offices in Cape Town and Singapore. Since its early days as a pioneer in designing a fully integrated bitcoin pilot system for a leading bank, the company has expanded and now offers merchant services together with its consumer wallets and exchanges.
The funding round was led by Balderton Capital, one of Europe’s elite venture capital firms. Luno has in the past worked closely with the Balderton team and welcomes their wealth of experience in scaling global businesses, their strategic business networks and an appreciation of Luno’s core mission and what is required to achieve it. Another investor involved in the finding round is AlphaCode, which is an investment subsidiary of Rand Merchant Investment Holdings (RMI). This is a renown financial services company that has created and invested in some of the leading fintech companies in the UK and Africa. RMI bring to the table years of experience in working with management teams that have built successful companies across various industries.
Previous investors, Digital Currency Group, were also involved in the new funding round. The new investors will join other companies that invested in Luno’s Series A round which raised $4 million. The firms include South East Asian venture capital firm, Ventura Capital and tech giant Naspers.
Moving Into New Markets
The money raised will fund Luno’s expansion into 35 new European markets. The company has noted despite the increasing demand for cryptocurrencies globally, there still exists a need for user-friendly, secure and high-quality products in many places, Europe included. Changing that is the company’s goal as is evident from their vision to make digital currencies accessible to anyone, anywhere, and to do so in a manner that is safe and very enjoyable.
Luno has managed to establish itself as a market leader in South East Asia and Africa, despite facing some regulatory challenges in a few markets. For instance, the company halted offering its exchange services in Kenya due to regulatory pressure from a bitcoin unfriendly central bank that has made it difficult for banks to partner with bitcoin startups. However, this has not affected its growth with the company continuing to build its presence in the UK and other jurisdictions.