UK-based digital wallet developer Luno closed a $9m series B round on Tuesday with commitments from AlphaCode, the fintech investment arm of insurance group Rand Merchant Investment.
The round was led by venture capital firm Balderton Capital and was also backed by VC fund Digital Currency Group.
Luno, formerly known as BitX, product lets customers buy, sell and store bitcoins in a digital wallet. The company, which is active in 40 different markets – 35 of which are in Europe following a launch this week – claims its platform is faster and more affordable than other transaction services.
The cash will be used to double Luno’s headcount to 70, driving recruitment in the product engineering, business development, and customer support teams. The new staff will join across Luno’s offices in the UK, Singapore and South Africa.
Luno previously raised $4m in series A funding in July 2015 in a round led by PayU, the payment processing service of internet group Naspers, and backed by Digital Currency Group. Venturra Capital provided an extension of undisclosed size the following December.
In 2014, Ariadne Capital, Bitcoin Opportunity Corp and angel investor Carol Realini provided $800,000 in seed funding.