The co-founder of Danish digital bank Lunar is stepping down as CEO after more than ten years and is being replaced by a former Danske Bank and Saxo Bank executive.
Ken Villum Klausen, Lunar co-founder and CEO, who has led Lunar since its founding in 2015, said the timing “feels right” to stand down. He pointed out that Lunar was now the biggest challenger bank across the Nordics.
Posting on LinkedIn, Klausen said: “Lunar has the strongest team in its history. The strategy for the next phase is sharp, and we're all aligned on it. The product is loved, the business is healthy, and the ambition for what comes next is bigger than what came before. The best time for a founder to hand over is when the thing is working, not when it isn't. So that's what I'm doing, with a full heart.”
He is being replaced by Søren Kyhl, who spent 10 years at Danish investment bank Saxo Bank, latterly as deputy CEO, and over 13 years at Danske Bank, the Danish multinational bank. Kyhl will take over at the start of June this year.
Lunar, which has raised over €500m in funding, has over one million customers. It has expanded from its native Denmark across the Nordics. As well as its retail offering, it has over 40,00 business customers.
Chairman Jens Peter Leschly Neergaard said: "With Søren, Lunar gets a CEO with deep understanding of both the financial market and the regulatory requirements that come with running a modern bank. He brings a strong background in execution, commercial development, and leadership, along with a clear ability to continue developing the bank together with Lunar’s talented employees and create even more value for our users.”
In 2022, Lunar launched its Lunar Block in-app crypto platform in 2022, allowing users to buy and sell crypto coins directly. In October last year, Lunar secured a crypto licence under the EU’s MiCA regulation.
Last year, Lunar was hit by a string of executive departures, including its co-founder and CTO, as it looked to cut management costs and become profitable in the long term.
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