Aarhus-based fintech startup Lunar has raised €35 million to accelerate its expansion plans and reach profitability sooner. The funding round was backed by a range of investors, including HEARTLAND, Kinnevik, Tencent, Seed Capital, Augustinus Fabrikker, Greyhound Capital, and Socii Capital. Led by its founder and CEO Ken Villum Klausen, the Danish challenger bank is an independent, fully licensed, and regulated bank that offers a fresh and contemporary approach to traditional banking. Lunar is now looking to further expand across the Nordic region and launch new digital banking solutions for its users.
Founder and CEO of Lunar Group, Ken Villum Klausen, says: “The capital markets that we and other similar companies raise money in have changed completely, with earnings now becoming the key focus. 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.”
The vast majority of existing shareholders contributed to the new capital injection. This proves that there is solid support for Lunar, even at a time when the market is challenged by macroeconomic uncertainty.
“We are very humbled by the trust our shareholders and customers place in us. They want to help us build a new financial ecosystem and deliver banking services in a whole new way. This proves the strength of the concept we offer to bank customers throughout the Nordic region and we remain committed to this approach despite this period of turmoil in the financial markets,” says Founder and CEO of Lunar Group, Ken Villum Klausen.
He emphasizes that the new capital enables the development of even better products for Lunar’s more than 500,000 customers in Denmark, Norway, and Sweden:
“Backed by the new capital, we can continue our expansion in the Nordic region, offer new and better digital banking solutions to our customers, and expand our position as the leading challenger in the Nordic banking market.”
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