DCG Expeditions Research
Investment Thesis
DCG Expeditions is the early-stage investment arm of Digital Currency Group (DCG), focused on supporting fintech and crypto founders building the next generation of financial services. Originally launched as Luno Expeditions in 2021 and later rebranded, the firm operates with permanent capital from its parent company DCG, which has been investing in early-stage crypto companies since 2015.
The firm's core thesis is that crypto will revolutionize the existing financial system, which is "no longer fit for purpose." They seek to partner with exceptional founders from around the world who share this vision and are working to build a more inclusive, open, and accessible financial ecosystem. DCG Expeditions leverages the vast network and resources of DCG to support founders in areas like compliance, scaling, market entry, and crypto-specific operational challenges.
What distinguishes DCG Expeditions is its permanent capital structure - being on-balance sheet at DCG means they can truly support founders over the long term without the typical fund cycle pressures. They are "built by founders for founders" and take a founder-friendly approach, committing to work with founders on timelines that work for them.
Sector Focus
DCG Expeditions invests exclusively in fintech and crypto/web3 sectors, with particular emphasis on:
- Traditional Fintech: Challenger banks, payment infrastructure, financial inclusion platforms
- Crypto-Native Startups: DeFi protocols, blockchain infrastructure, crypto on/off ramps
- Financial Inclusion: Solutions for underserved populations, especially in emerging markets
- Security & Compliance: KYC solutions, data protection, security infrastructure
- Blockchain for Real World Impact: Lending platforms, capital access for the "missing middle"
They explicitly avoid non-fintech sectors and do not invest in general consumer apps, hardware, or non-financial technology companies.
Stage Focus
DCG Expeditions focuses exclusively on early-stage investments:
- Pre-Seed: $50K-$150K for very early teams with promising concepts
- Seed: $150K-$250K for teams with product traction and early customers
- Selective Series A: Occasional follow-on investments in portfolio companies
They typically do not lead rounds, preferring to co-invest alongside other lead investors. This allows them to be flexible and supportive without requiring control terms.
Check Size
Typical investment range: $50,000 - $250,000
The firm targets 200-300 investments per year, making them one of the most active early-stage crypto investors globally. Their check size is designed to be meaningful at pre-seed/seed but not so large that it creates over-capitalization issues. They maintain reserves for follow-on investments in their strongest performers.
Recent Activity
DCG Expeditions has been actively deploying capital across 2023-2024:
2024 Investments:
- June 2024: Unite
- May 2024: STARTBUTTON (Africa-focused fintech)
- May 2024: PulpOS, Glim, Craftt
- March 2024: Cyphlens ($3.8M raised), Sodot, FLock ($6M raised), Taki Games
2023 Investments (October batch):
- Coinflow Labs ($3.7M raised)
- Novum Digital
- Beoble
- Niche ($1.8M raised)
- Blink Labs
- Octo (Egypt)
- Tappi ($1.68M raised, Kenya)
- Portals.fi ($2.5M raised)
- Halogen Capital (Malaysia)
- Djamo ($31M raised, Senegal)
- Your Juno ($2.2M raised)
- Blaze AI
- Rodeo (Canada)
- Neutral
- Fuul
Notable Earlier Investments:
- Utila ($69.5M total raised)
- Sardine ($145.6M total raised)
- Stitch ($105M raised, South Africa)
- Nala ($50M raised)
- Sequence ($38.89M raised)
- Notabene ($26.47M raised)
- Djamo ($31M raised, Senegal)
- Busha ($4.2M raised, Nigeria)
- Kotani Pay ($2.1M raised, Kenya)
- Caliza ($5.3M raised)
The firm is currently in active deployment mode with a target of 200-300 investments per year, focusing on both developed markets (US, Europe) and emerging markets (Africa, Southeast Asia, LATAM).
Portfolio Highlights
DCG Expeditions has built a portfolio of 53+ companies across 6 continents, with notable concentration in:
- Africa: Strong presence with investments in Kenya, Nigeria, South Africa, Tanzania, Ghana, Egypt, Senegal
- Southeast Asia: Singapore, Malaysia, Indonesia
- Europe: UK, Switzerland, Bosnia
- Americas: US, Canada
- Middle East: Israel
Notable Successes:
- Sardine - Fraud detection and compliance platform, raised $145.6M
- Stitch - Financial infrastructure in South Africa, raised $105M
- Utila - Digital asset operations platform, raised $69.5M
- Nala - Cross-border payments, raised $50M
- Sequence - Financial data platform, raised $38.89M
- Notabene - Crypto compliance, raised $26.47M
- Djamo - West African fintech, raised $31M
Exit Profile: The firm is relatively new (founded 2021) so exits are still developing, but early portfolio companies are showing strong traction and raising significant follow-on capital from top-tier VCs.
Team
Leadership:
- Jocelyn Cheng, CEO: Former Managing Director at Global Innovation Fund (impact VC, 6+ years). Previous experience at CPP Investments, Bain Capital, and Goldman Sachs across London, Boston, New York, and Buenos Aires. Based in Barcelona/London.
Team Structure:
- Small, lean team of 1-10 employees
- Actively hiring investment associates (as of 2023-2024)
- Leverages DCG's broader network and resources for portfolio support
Investment Committee: Decisions are made quickly with a streamlined process, reflecting their founder-friendly approach and permanent capital structure that doesn't require traditional LP reporting cycles.
Geographic Focus
DCG Expeditions invests globally across both developed and emerging markets:
- Primary Markets: US, Europe (UK, Western Europe), Africa (especially Kenya, Nigeria, South Africa)
- Secondary Markets: Southeast Asia (Singapore, Malaysia), Middle East (Israel), Canada
- Emerging Focus: LATAM, MENA, other underserved regions
They have particularly strong expertise and portfolio concentration in Africa, having backed 7+ companies across the continent within their first year. Their first two investments were South African companies (Root and Stitch).
Founder Preferences
DCG Expeditions looks for founders who:
- Are building in fintech or crypto/web3
- Share the vision that crypto will revolutionize financial services
- Are working on financial inclusion or accessibility
- Have strong technical backgrounds or deep domain expertise
- Are building for global or multi-regional impact
- Value a hands-off, supportive investor relationship
They are proud that one-third of their portfolio companies have female founders, significantly higher than industry averages, and actively work to support diverse founding teams.
Investment Process
Timeline: Fast and founder-friendly. They commit to working with founders on timelines that work for them.
Decision Process: Streamlined, with quick turnaround. The permanent capital structure allows for faster decisions than traditional venture funds.
Post-Investment Support:
- Practical advice for building early-stage companies
- Crypto-specific operational guidance (compliance, security, scaling)
- Portfolio network effects (founder offsites, peer learning)
- Access to DCG's broader ecosystem and network
- Market entry support for cross-border expansion
Approach: "The best value-add is to not overstep." They provide support when asked but don't interfere with day-to-day operations.
Competitive Advantages
- Permanent Capital: No fund cycle pressures, can support founders long-term
- DCG Network: Access to one of the largest crypto ecosystems globally
- Global Reach: Active in both developed and emerging markets
- Founder-Friendly: Fast decisions, flexible terms, hands-off approach
- Scale Strategy: 200-300 investments/year creates powerful portfolio network effects
- Crypto Expertise: Deep domain knowledge from DCG's 7+ years in crypto investing
- Operational Support: Practical help with compliance, security, scaling
Anti-Portfolio / What They Don't Invest In
- Non-fintech sectors
- Consumer apps (unless fintech-adjacent)
- Hardware plays
- Non-crypto/blockchain infrastructure
- Late-stage companies (Series B+)
- Companies without a financial services/crypto thesis
Contact & Submission
- Website: expeditions.dcg.co (currently experiencing SSL issues as of March 2026)
- LinkedIn: https://www.linkedin.com/company/dcgexpeditions
- CEO: Jocelyn Cheng (LinkedIn: jocelyn-cheng-8226212)
- Location: London, United Kingdom (with team members in Barcelona and other locations)
Summary
DCG Expeditions represents a unique proposition in early-stage crypto/fintech investing: permanent capital, global reach, deep crypto expertise, and a genuinely founder-friendly approach. Their aggressive deployment pace (200-300 investments/year) and focus on both developed and emerging markets makes them one of the most accessible and active early-stage investors in the space. For fintech and crypto founders at pre-seed or seed stage, especially those focused on financial inclusion or emerging markets, DCG Expeditions offers not just capital but access to one of the most powerful networks in the crypto ecosystem.