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Bitcoin company Luno announces European expansion, raises US$9m

Africa , 19 Sep 2017

Bitcoin company Luno announces European expansion, raises US$9m

Bitcoin company Luno has announced its expansion into 35 new markets across Europe, as well as a ZAR120 million (US$9 million) Series B funding round led by London-based Balderton Capital.

New investors AlphaCode and existing investors Digital Currency Group also participated in the round, which follows Luno's US$4 million Series A round, which was led by emerging market tech giant Naspers.

The funding will be used for product refinement and development, global expansion and to bring to market a number of new features. Luno will be hiring across all three its main hubs in London, Singapore and Cape Town.

With a team of 70 across offices in London, Singapore and Cape Town, Luno makes it easy for people to buy, sell and learn about digital currencies. With its expansion, Luno services will now be available in 40 countries around the world.

"We're excited to partner with Balderton as we accelerate our business across Europe and the rest of the world," said Marcus Swanepoel, Luno's Chief Executive Officer.

"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, said his company was excited to be joining Luno on its journey, and that he would be joining the company's board as part of this funding round.

"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," he said.

Dominique Collett, senior investment executive at Rand Merchant Investments, which owns Alphacode, said she was also 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," she said.

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