Background

The mission of Luno, a leading global cryptocurrency investment app, is to put the power of crypto in everyone’s hands. Since its founding in 2013, Luno has become a leader in responsible crypto education and investment, introducing over 12 million people to crypto. Luno is available in more than 40 countries across Europe, Africa, Asia and Australia.

The challenge:

In the dynamic crypto ecosystem, trust is a currency of its own. From the start, Luno wanted to ensure a seamless onboarding process to allow new customers to feel comfortable entering the world of cryptocurrency while ensuring trust with regulatory authorities. The need for a sophisticated solution that enhances identity verification and mitigate fraud risks became paramount.

The solution:

The Onfido Real Identity Platform allowed Luno to implement robust onboarding processes while maintaining a user-centric approach. Luno’s strategic onboarding approach involved using their own proprietary technology to manage geolocation tracking, device risk profiling, and behavior analysis. Then, with the help of Onfido, Luno implemented a new seamless customer verification process to help prevent fraudulent activity while abiding by compliance regulations.

Throughout the onboarding journey, Luno has been able to build a holistic view of customers. Luno’s VP of Operations, Tony Sneedon, highlighted the significance of the partnership, stating, "The technologies that we're putting in place are really helping to accelerate that vision for us where we minimize friction as much as possible."

The results:

The strategic collaboration between Luno and Onfido propelled Luno's growth and user trust. Onfido's solutions contributed to:

  • A seamless onboarding experience: A streamlined onboarding process has led to a reduction in friction and a significant increase in successful customer verifications, creating accessibility to crypto for a wider audience.
  • Enhanced fraud prevention: With Onfido’s award-winning Atlas™ AI, Luno has been able to keep up with emerging fraud threats such as synthetic identities and deepfakes. This has helped safeguard their systems, customer privacy, and brand integrity, all while growing their business and bottom line.
  • Improved regulatory compliance: In the rapidly evolving regulatory landscape of the crypto industry, Luno is now able to verify the identity of new customers, and bolster confidence among regulators and partners alike.

These key benefits positively impacted Luno's operational efficiency, user satisfaction, and overall market position.

Looking ahead, Luno aims to further refine the user experience, seeking ways to minimize friction without compromising security. As the crypto market evolves, the partnership with Onfido will remain agile, adapting to new regulatory frameworks and technological advancements.

Furthermore, Luno envisions extending its global reach, and Onfido's expertise will be instrumental in facilitating compliance with diverse international regulations. The two companies will collaborate closely to explore innovative solutions, ensuring Luno remains a leader in the crypto space while providing users with a secure and accessible platform.

“Through our strategic partnership with Onfido, Luno has not only simplified the onboarding experience for our users but has also fortified our commitment to security and regulatory compliance. Onfido's cutting-edge identity verification solutions have seamlessly integrated with our platform, enabling us to bring the power of crypto directly to consumers. This collaboration marks a significant milestone in our journey, affirming our dedication to providing a secure, transparent, and accessible crypto experience for users globally.”

Tony Sneedon, VP of Operations, Luno