Luno reaches 9m customers adding over 1m in 4 months

Homegrown crypto company Luno is a symbol of local success in Cape Town’s unofficial financial district on the foreshore

Luno, the crypto company founded by two South Africans, now has 9 million customers in over 40 countries. The remarkable growth of the company is illustrated by the addition of one million new customers in just over four months.

Africa is one of Luno’s strongest markets – over 45% of the one million new customers added since June are based in Africa.

Marius Reitz, GM for Africa at Luno commented: “The average value of first deposits made by our million new customers is around USD32. Most new customers (83%) bought Bitcoin, while 27% bought Ethereum and 23% bought Ripple. Of the new customers, 35% are aged between 18 and 24, and gender splits align with trends in financial services – almost three quarters (65%) are male.”

Marcus Swanepoel, a former investment banker, and Timothy Stranex, who previously worked for Google as a software engineer, founded Luno in 2013 with a focus on providing a simple, safe and easy tool for buying cryptocurrency online and on mobile.

“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,” says Reitz.

Reitz notes 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 says.

Luno was acquired last year by US-based DCG, the world’s largest blockchain investor and is targeting a billion customers by 2030.

About Luno

Luno is a leading global cryptocurrency company on a mission to upgrade the world to a better financial system. Headquartered in London with regional hubs in Johannesburg and Cape Town, Luno now has a team of over 600.

With over nine million customers (wallets) spanning more than 40 countries, Luno’s products and services make it safe and easy to buy, store and learn about cryptocurrencies like Bitcoin and Ethereum. Luno was recently acquired by DCG, the world’s largest blockchain investor.

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