Rand Merchant Investments (RMI), through its fintech investment arm, AlphaCode has exited its investment in Luno. Luno is a leading global cryptocurrency company which makes it safe and easy to buy, sell and store and learn about cryptocurrencies with over 5 million customers in more than 40 countries.
Digital Currency Group (DCG), a New York-based global enterprise that builds, buys, and invests in blockchain companies, and an early investor in Luno, has bought the company. RMI has sold its stake for cash in Luno to DCG achieving an attractive price.
Explains Dominique Collett, RMI senior investments executive and head of AlphaCode, “We are delighted by this transaction as it is AlphaCode’s first exit and well above our targeted IRR of 25 – 35% for our fintech investments. We have enjoyed working with the Luno team and still believe in the potential of cryptocurrencies and Luno’s solid growth potential. We supported management selling the business to DCG as it is very well positioned to leverage the platform. We wish the Luno team and DCG all the best and will be watching their future success with interest.”
Marcus Swanepoel, CEO of Luno commented:
“We are grateful to RMI for its belief and support in us. We look forward to continuing our rapid growth as a global business to upgrade the world to a better financial system.”