Bitcoin startup Luno has become the latest high profile investment success, completing a Series B funding round that raised a further $9 million for the company.
Led by the team at London-based VC firm Balderton Capital, the funding round represents the latest successful attempt to raise capital for companies in the bitcoin and cryptocurrency space.
Balderton Capital, which has also invested in other cryptocurrency companies like Revolut, drew contributions from other serial investors, including Digital Currency Group and AlphaCode.
Tim Bunting, a partner at Balderton Capital, will join the Luno board as part of the deal, as the company continues to develop its offering ahead of a wider European roll-out.
Luno is a rebrand of the former BitX, a wallet service setup to enable bitcoin investors and individuals to hold, send and receive bitcoin and other digital currencies. Founded in 2013, Luno is now preparing to invest the new capital in further developing their mobile services, as well as funding preparations for launch across new European markets.
The investment comes at an important time for the firm, as it announces it has been accepted into the Financial Conduct Authority’s regulatory sandbox, an essential precursor to develop its services for the UK market.
The company is also set to expand into continental Europe, in addition to consolidating and growing their market share in Nigeria, South Africa, Malaysia and Indonesia.
Marcus Swanepoel, co-founder and CEO of Luno, welcomed the investment as a key step in the company’s journey to take digital currency to a wider global audience.
“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.”
The Series A funding round, completed back in 2015, raised $4 million for the firm, enabling the development of their early product offering. With the larger series B round concluded, Luno now has its eyes firmly on expanding the range and reach of their bitcoin wallet service.