Lunar lands €35m in fresh funding to boost Nordic expansion
Danish neobank Lunar has secured €35 million ($38 million) in a fresh round of funding which it hopes will help “shorten the path to profitability”.
Most of Lunar’s existing investors took part in the round, the firm says. Lunar last raised €70 million in a Series D-2 funding round in March last year. Some of its previous investors include IDC Ventures, Fuel Ventures, MW&L Capital Partners, Heartland and Kinnevik, Chinese tech giant Tencent and movie star Will Ferrell.
Lunar says the new capital will be used to development new products for its “more than 500,000 customers” in Denmark, Norway and Sweden, as it looks to continue its expansion in the Nordic region.
“The capital markets that we and other similar companies raise money in have changed completely, with earnings now becoming the key focus,” says Ken Villum Klausen, founder and CEO of Lunar Group.
“Last year we improved our product, attracted more customers and increased our revenue streams significantly. We will continue to do so in 2023 and the years to come because the market needs a serious challenger in the industry.”
Last year, the company acquired Norwegian digital bank Instabank in a €132 million deal.