- To scale-up investment by 300 % per year
Luno, a wholly-owned subsidiary of Digital Currency Group (DCG), has announced the launch of Luno Expeditions, a global, early-stage investment arm to support the best fintech and crypto/web3 founders on their journeys to build the next generation of financial services.
In a recent statement from the company, the new add which is to be led by seasoned global investor Jocelyn Cheng, is expected to improve crypto investment by 300%, and accelerate the development of the new financial ecosystem, thereby making it one of the most prolific early-stage fintech investors globally
“Building on DCG’s 7-year track record in early stage crypto investing, Luno Expeditions (Luno Expeditions), will now spearhead all of DCG’s early stage investing (seed and pre-seed). The dedicated team will scale up investments (targeting 200-300 per year) and expand the focus beyond crypto into the broader fintech space, globally,” the statement revealed.
Speaking about her new role Cheng, who takes on the role of CEO, described as thrilling, being part of Luno Expedition. According to her, “These are incredibly exciting times in cryptocurrency and the broader fintech ecosystem. We’ve got ambitious plans to build a leading fund designed around the needs of early stage founders.
“It will be a privilege to work with ambitious entrepreneurs from all over the world, all intent on solving problems and building the next generation of financial service companies.”
Also speaking, Luno’s co-founder and CEO, Marcus Swanepoel, said, “We know how hard it is to build a company, especially in the fintech space, and with our deep experience building, scaling and operating fintech businesses in some of the hardest markets in the world, we’re looking to support a new generation of entrepreneurs from all over the world do the same.”
Whilst in stealth mode over the past few months, Luno Expeditions has already invested in over 20 leading crypto and fintech companies globally, including a crypto compliance solution in Israel, an NFT marketplace in the United States, a bank dedicated to women in Pakistan and a ground-breaking remittance solution in Tanzania.
The statement also added that, Barry Silbert, founder and CEO of DCG, and Marcus Swanepoel, co-founder and CEO of Luno, are both closely involved in the initiative and will be part of the Investment Committee.