A rather established and growing Bitcoin wallet and exchange startup called Luno had raised a total of $9 million in funding for their Series B round.
Previously known as BitX, is a company headquartered in London with operations in numerous countries. Established in Malaysia, Indonesia, Nigeria, United Kingdom, South Africa, and 35 other European Countries. Founded in 2013, they had completed a $824,000 seed funding round in 2014 and further raised $4 million from a Series A funding led by Naspers with additional funding from Digital Currency Group and Venturra in 2015.
That’s a pretty lengthy list considering the number of countries that accept Bitcoin on a regulatory aspect. Take a look at this map which shows the number of countries that are permissive on its operations.
Luno has quite a strategic position and is expanding on the right horizons
The recent news is that they had raised $9 million led by Balderton Capital. A London-based Venture Capitalist firm that is known for investing in startups such as Revolut which had also launched some Cryptocurrency services earlier this year.
As a result, Balderton’s partner Tim Bunting will be joining Luno’s Board.
A great edge Luno has is that it joined the regulatory sandbox that’s being supervised by the Financial Conduct Authority. Known as one of the UK’s financial market regulators.
Reason for Funding?
It turns out the startup aims to use the funds to further develop its mobile app and services, as well as expanding to newer markets.
As quoted by Luno’s co-founder and CEO, Marcus Swanepoel
“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”