Nordic challenger bank Lunar has made a significant stride in its financial journey, announcing a successful supplementary round that raised €24.1 million. This round, led by the bank's major existing investors, follows a two-part investment round in February that totaled €26.8 million, bringing the total raised in the past four months to an impressive €50.9 million.
Founded in Aarhus, Denmark, Lunar currently employs around 500 people in Copenhagen, Aarhus, Stockholm and Oslo. In 2019, Lunar received a banking licence and is now one of few banks with a Nordic banking platform.
This week's funding is part of the capital plan approved by the Danish Financial Supervisory Authority.
According to Ken Villum Klausen, founder and CEO of Lunar:
"Securing €50.9 million in such a challenging market reflects strong confidence in our growth strategies.
We're seeing robust growth in our newly launched business area Banking Services, where we're extending our in-house developed Nordic infrastructure to external partners.
Our journey doesn't stop here. We're not just broadening Lunar's basic banking services, but we're also evolving into a full-service bank. Our aim is to cater to both private customers and businesses in Sweden, demonstrating our commitment to growth and our vision for the future."
The capital raise follows the initial verdict in the legal proceedings against the shareholders of Norwegian Instabank. Lunar has appealed the ruling, but while awaiting further steps.
Today, Lunar also released its annual report for 2023, revealing significant progress towards profitability. Last year, Lunar's customer base grew from 700,000 to 850,000, with customer activity measured by transactions nearly doubling.
Lead image: Lunar. Photo: uncredited.
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