Cryptocurrency exchange platform Luno, a subsidiary of Digital Currency Group (“DCG”), today announced the launch of Luno Expeditions, an early-stage investment arm to support fintech and crypto/web3 startups from around the world.
The fund will build on DCG’s seven-year track record of backing early-stage crypto startups as it seeks to support founders on their journeys to build the next generation of financial services.
Luno says that it’s targeting to support 200-300 per year and expand the focus beyond crypto into the broader fintech space, globally.
“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.” Marcus Swanepoel, Luno co-founder and CEO says.
Luno Expeditions will be led by Jocelyn Cheng, who takes on the role of CEO. Jocelyn has invested in global startup founders over the last 6 years as Managing Director at the impact investment VC, Global Innovation Fund. She previously held investing roles at CPP Investments, Bain Capital and Goldman Sachs. She holds an MBA from Harvard Business School.
“I am thrilled to join Luno Expeditions as Chief Executive. 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.” she said:
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.
Barry Silbert, founder and CEO of DCG, and Marcus Swanepoel, co-founder and CEO of Luno, will also be closely involved in the initiative and will be part of the Investment Committee.
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