South African Bitcoin exchange Luno scores another R120 million in funding

South African Bitcoin wallet and exchange Luno today announced its expansion into 35 new markets across Europe, and a R120 million Series B funding round.

Rand Merchant Investments, through its fintech investment arm, AlphaCode, and existing investors Digital Currency Group also participated in the round.

This follows Luno’s R60 million Series A round, which was led by emerging market tech giant, Naspers.

“We’re excited to partner with our new investors as we accelerate our business across Europe and the rest of the world,” said Marcus Swanepoel, Luno CEO.

“In Europe we’ve seen an unprecedented demand, not just for digital currency, but also for our high-quality, secure and very user friendly products, in particular the Luno mobile apps.

“Enabling more people in Europe to have access to these products and services is a critical part of our mission to bring digital currencies to everyone, everywhere – and in a way that makes everyone’s journey into the world of digital currency safe, super easy and highly enjoyable”.

Swanepoel said that the partnership with Rand Merchant Investments would allow the two companies to unlock more value for customers in South Africa by providing products that are safe, easy to access and use, and in-line with regulations.

“Luno has a high quality team in the rapidly evolving, highly disruptive bitcoin industry,: said Dominique Collett, senior investment executive at Rand Merchant Investments.

“We have been impressed with their ability to build a trusted, secure product and to engage with regulators globally. We think this sets them apart from many in this industry and we have no doubt we will continue to see phenomenal growth from this company.”

The funding will be used for product refinement and development, global expansion and to bring to market a number of exciting new features.

Luno will also be hiring across all three their main hubs in London, Singapore and Cape Town.


Read: 5 ways South Africans can get involved with and make money from blockchain and Bitcoin technology

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South African Bitcoin exchange Luno scores another R120 million in funding