Nordic challenger bank Lunar adds €20 million to its Series B

Today Lunar, the Nordic challenger bank, has extended its Series B round from August 2019 and raised €20 million in additional funding, bringing the round as a whole to €46 million. 

Established in Denmark in 2015, Lunar is on a mission to change banking for the better. Using its neat tools and sleek card, users can save, spend, invest, get loans and insurance under its roof. Plus, in addition to its online banking services, Lunar also has Lunar Business catering for small business, including a complete business solution with integrations for accounting solutions, loans and much more. The Danish startup has already convinced more than 150,000 customers in the Nordics (with offices in Aarhus, Copenhagen, Stockholm and Oslo) and has built its team to a comfortable 120 employees.

This new investment was led by Seed Capital, with the additional capital including equity from Greyhound and Socii. David Helgason, founder of Unity Technologies, is also part of Lunar’s latest funding as a new investor. Alongside this funding news, the mobile-only bank has also announced that Ole Mahrt, Monzo’s former head of product from 2015-2019, will join its board of directors.

In the coming months Lunar will one by one launch its new financial products including credit facilities, loans and sustainability driven services moving forward with its promise to become a full alternative to incumbents. 

Ken Villum Klausen, founder and CEO of Lunar said in a comment: We are pleased to extend our latest funding round and bolster Lunar’s pan-Nordic play. We have a vertical strategy focusing only on the Nordics, allowing us to go deep into the defensive banking infrastructure. As the world closes down after the Covid-19 outbreak we believe that regional challengers can benefit from more locally focused features and products. Lunar taps into the Nordic infrastructure and that will expectedly impact our future unit economics and differentiates us from horizontally expanding challenger banks. Our additional funding supports this pledge.”

In Lunar’s board of directors Ole Mahrt will join Henning Kruse Pedersen (former CEO of Nykredit), Tuva Palm (former CTO at Nordnet Bank and Director at Klarna), Gary Bramall (CMO of Zoopla) and Lars Andersen (General Partner at Seed Capital).