RMI’s AlphaCode invests in popular Bitcoin platform Luno

LEADING Bitcoin platform Luno recently announced its expansion into 35 new markets across Europe, and a R120 million Series B funding round, led by London-based Balderton Capital, one of Europe’s leading venture capital firms.

Rand Merchant Investments (RMI), through its fintech investment arm AlphaCode and investors Digital Currency Group also participated in the round. This follows Luno’s R60m Series A round, which was led by Naspers.

To date, AlphaCode has invested in Prodigy Finance, Entersekt and Merchant Capital.

Dominique Collett, a senior investment executive at RMI, said: “Luno has a high-quality team in the rapidly evolving, highly disruptive Bitcoin industry.

“We have been impressed with 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.”

Luno is one of the world’s most popular Bitcoin platforms, making it easy for people to buy, sell and learn about digital currencies. With a team of more than 70 in offices in Cape Town, London and Singapore, its services will now be available in 40 countries worldwide.

“We’re excited to partner with our new investors as we accelerate our business across Europe and the rest of the world,” said Luno chief executive Marcus Swanepoel. “In Europe, we’ve seen an unprecedented demand 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.”