Marcus Swanepoel, Chief Executive of Luno. Photo: Supplied.
Marcus Swanepoel, Chief Executive of Luno. Photo: Supplied.

Luno continues rapid growth, hits 8 million customers

By Staff Reporter Time of article published Jun 11, 2021

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Global cryptocurrency company Luno has announced that it has grown to 8 million customers (wallets), with 1 million added in just 12 weeks. In April, the company announced that it reached 7 million customers in just seven weeks.

According to the company, the business’ rapid growth was due to ongoing interest in cryptocurrencies.

"The simplicity of its online mobile platforms, offering education, bank-grade security, and self-regulation. It is actively working with regulators and banks to increase access to cryptocurrencies,” the company said.

Founded in 2013 by South Africans Marcus Swanepoel and Timothy Stranex, Luno now has more than 400 employees across offices in South Africa, Malaysia, Indonesia, Nigeria, Singapore and the UK.

Luno Africa GM Marius Reitz said: “Within five years of launching the business, Luno had built a 1 million customer base in November 2017. Less than a year later, we had 5 million. The speed at which we are reaching new milestones is remarkable – it has taken just nine months to add 3 million more wallets.”

While much of the focus elsewhere has been on investment, speculation and trading, in Africa the utility of cryptocurrencies is attractive.

“About 30% of Luno’s customer base is in South Africa, and we have added over 300 000 new wallets in the country over the past three months. We were the first company to enable South Africans and Nigerians to buy crypto with their local currency, which made access safe and easy. Although we operate in over 40 countries, Luno views Africa as one of the most, if not the most, promising regions for the adoption of cryptocurrencies due to its particular combination of economics and demographics,” added Reitz.

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