Blockchain-focused holding company Digital Currency Group (DCG) paid an undisclosed sum yesterday to acquire Luno, a UK-based digital asset services provider backed by corporates media and e-commerce group Naspers.
Founded in 2013 as BitX, Luno offers a mobile app enabling customers in emerging markets to understand, trade and store major cryptocurrencies such as Bitcoin.
DCG will help drive Luno’s international expansion across both existing and new markets. It had contributed to the company’s $800,000 seed round in 2014 alongside Ariadne Capital and Carol Realini.
PayU, the payment processing subsidiary of internet group Naspers, then led a $4m series A round for Luno in July 2015 that included DCG, before Venturra Capital added an extension of undisclosed size five months later.
Luno subsequently closed a $9m series B round in 2017 led by Balderton Capital and backed by DCG and AlphaCode, the fintech investment arm of investment holding company Rand Merchant Investment.