Bitcoin company Luno today announced its expansion into 35 new markets across Europe, and a R120 million ($9m illion) Series B funding round, led by London-based Balderton Capital, one of Europe's leading venture capital firms.
New investors Rand Merchant Investment-backed AlphaCode and existing investors Digital Currency Group also participated in the round. This follows Luno's $4million (R50 million) Series A round, which was led by emerging market tech giant Naspers.
Luno is one of the world's most popular Bitcoin platforms, making it easy for people to buy, sell and learn about digital currencies. With a team of over 70 in offices in London, Singapore and Cape Town, Luno services will now be available in 40 countries around the world.
The company recently partnered with local grocery retailer Pick n Pay for a Bitcoin pilot together with tech innovation team Electrum.
"We're excited to partner with Balderton as we accelerate our business across Europe and the rest of the world," says 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."
Tim Bunting, partner at Balderton Capital adds: "The Luno team is one of the strongest in the space, and their grand vision and ability to execute has enabled them to build a global business from day one. We're excited to be part of their journey.
Bunting will be joining the Luno board as part of this funding round.
Dominique Collett, senior investment executive at Rand Merchant Investments adds: "We are excited to be partnering with such a high quality team in the rapidly evolving, highly disruptive Bitcoin industry. We have been impressed at 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."
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