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Crypto firm Luno hits milestone with 10m customers

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Marius Reitz, Luno GM for Africa.
Marius Reitz, Luno GM for Africa.

Global crypto-currency company Luno has reached the 10 million customer mark − a milestone for the South African-founded fintech firm that has a presence in 40 countries.

Luno says the latest one million customers were onboarded in only six months.

Since its formation in 2013, Luno has enabled over $52 billion of crypto to be safely transacted and its customers have stored in excess of $1 billion.

Luno’s growth has been partly credited to the South African market’s success, which the company says is one of its strongest and most active markets.

“Over 40% of the new customers added in the last six months are based in South Africa. On average, South Africans deposit R480 when they open their Luno account and tend to hold for 10 months (the longest time of all Luno markets). 82% of new customers who bought crypto purchased Bitcoin, while 28% bought Ethereum,” it says.

According to Luno, this growth reflects the broader crypto industry’s resilience following a volatile year.

It notes that while there has been turbulence in the crypto market in the last two years, earlier this month, the market once again crossed the $2 trillion mark.

Marius Reitz, Luno GM for Africa, comments: “Luno’s growth has accelerated significantly since 2017. Our top two regions – South Africa and Nigeria – illustrate the high demand for crypto in emerging markets.”

Indonesia reported customer growth of 83% and almost double the number of customers in the region over the past year, signalling global growth, he adds.

“There are an estimated 300 million people using crypto worldwide as of March 2022 – a figure that is expected to grow as global markets gain better access to the crypto ecosystem,” says Marcus Swanepoel, CEO and co-founder of Luno.

“Luno aims to bring crypto to over one billion people by 2030, so reaching 10 million customers is an important milestone, which supports a transition towards building a better, more fair financial system.”

Luno is headquartered in London, with over 800 employees across offices in London, South Africa, Malaysia, Indonesia, Nigeria and Singapore.

The firm recently launched Luno Expeditions, its global, early-stage investment arm created to support fintech and crypto/web3 founders.

Luno also added two more crypto-currencies to its platform: Chainlink and Uniswap.

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13 Aug
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