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Cryptocurrency company Luno, now has 9 million customers in over 40 countries. The growth of the company is illustrated by the addition of one million new customers in just over four months.
Luno was founded by two South Africans in 2013. Marcus Swanepoel, a former investment banker, and Timothy Stranex, an ex-Google software engineer. The company’s focus is to provide a simple, safe and easy tool for buying cryptocurrency online and on mobile.
South Africa is one of Luno’s strongest markets – over 30% of the one million new customers added since June are based in South Africa.
Speaking on the growth, Marius Reitz, GM for Africa at Luno said, “The average value of first deposits made by our million new customers is around R550 ($37). Most new customers (67%) bought Bitcoin, while 43% bought Ripple and 20% bought Ethereum. Of the new customers, 37% are aged between 18 and 24, and gender splits align with trends in financial services – almost three quarters (71%) are male.”
“As we hit the 9 million customer mark, it is a fitting symbol that Luno’s logo now adorns an iconic building in Cape Town’s unofficial financial district on the foreshore. Staff numbers have swelled to over 600 across the UK, South Africa, Malaysia, Indonesia, Nigeria, Australia and Singapore, and we are actively hiring over 60 specialists,” added Reitz.
Reitz noted that it took five years for Luno to build a base of its first one million customers in 2017. “Luno’s growth has accelerated significantly since then. In the last year alone, we have added over 3.6 million new customers,” he said.
In 2020, Luno was acquired by US-based DCG, the world’s largest blockchain investor and is targeting a billion customers by 2030.
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