Cryptocurrency startup Luno, already known as BitX, has landed $9 million in arrangement B financing, it declared today. London-based Balderton Capital drove the round, with Alphacode, the fintech-centered arm of South Africa’s Rand Merchant Investment Holdings, and Digital Currency Group also participating. The organization also declared its venture into 35 European nations, implying that its administrations are currently accessible in an aggregate of 40 markets around the world.
This Series B round comes after a $4 million Series A round driven by developing markets financial specialist Naspers Group. The bitcoin stage utilizes more than 70 employees in London, Singapore and Cape Town. Tim Bunting, a partner at Balderton Capital, will join the board of directors of Luno as a major aspect of this investment. This most recent speculation brings the total value financing raised by the organization to more than $13 million, according to a media release.
Luno said in an announcement that the financing will be utilized for product improvement, including the induction of various new features. The cash will likewise go toward new employees, with an organization blog post saying it will “at the very least be doubling existing team of 70” to get engineering, business development, product advancement, compliance and customer support executives.
Marcus Swanepoel, Luno co-founder and CEO, said, “Europe was seeing increasing demand for digital currencies. The firm plans to leverage on its mobile app to grow its user base in the continent. 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.”
Luno offers an e-wallet for saving, converting and transacting bitcoin. It additionally encourages buying and selling bitcoin and offers a trade to exchange digital currencies. It is also undertaking administrations including merchant integration and open APIs for developers. Luno Wallet and Luno’s bitcoin purchasing and offering highlights will be accessible in Europe, however its trade administration won’t.