With a plan to expand its wings in other markets, London-based Bitcoin startup – Luno – has successfully raised $9 million in Series B Funding. One of the leading venture capital firms in Europe, Balderton Capital had led this funding. The funding round this time saw participation from a new South Africa based investor AlphaCapital. Existing investors like Naspers, Digital Currency Group and VentureCapital were also present during the funding process.
After the Series B Funding, Luno, formerly known as BitX is now valued for a total of $13.8 million. Luno’s product lining includes a Bitcoin exchange for purchases, a Bitcoin wallet for storing the Bitcoins, and merchant services to allow retailers and banks to work with bitcoin. Luno’s recent projects include integrating Bitcoin payments in South Africa’s largest retail giant – Pick and Pay.
Luno based out of London with offices in Singapore and Cape Town. The fintech start-up has currently an existing team of 70 people and with the newly received investment plans to nearly double its headcount while taking its services to a total of 40 countries. In the next stage of development, Luno will be focusing majorly on improving its services and refining user’s digital currency experience.
Luno CEO Marcus Swanepoel said:
“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.”
He further added:
“[The expansion] might sound quite trivial but as you probably know there are not a lot of companies that offer these kind of services in Europe — certainly not in a very mass-market, user-friendly way, and particularly with a really good mobile product coupled with good customer service. As we expand the team and grow in these countries we will be rolling out more deposit methods and country localization that we are already working on.”
With this new funding, Luno has now shifted closer to its goal post of providing digital currencies to everyone irrespective of where he/she is located. We wish Luno all the very best ahead in its journey.
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