Danish digital bank Lunar has successfully raised €24.1 million in funding to accelerate the expansion of its digital banking services across the Nordic region.
The latest funding round, led by significant existing investors, supplements the previous €26.8 million financing round closed by the Copenhagen-based challenger bank in February. This recent capital injection brings Lunar’s total funding secured this year to €50.9 million.
According to founder and CEO Ken Villum Klausen, these successive funding rounds ensure sufficient capitalization for Lunar’s ongoing growth and expansion plans. The bank intends to utilize the funds to enhance its basic banking services and transition into a full-service bank, catering to both private customers and businesses in Sweden.
Lunar had initially introduced savings accounts and peer-to-peer loans to the Swedish market in 2021, marking its entry into the region. Klausen confirms that the bank’s expansion initiatives are progressing as planned, with a comprehensive rollout across the region receiving top priority.
Additionally, Lunar continues to develop its banking services unit, which debuted in the Nordics in August last year. This unit extends Lunar’s banking and payments infrastructure to external partners through an API, facilitating collaborations with entities such as Swedish paytech Trustly.
Source: fintechfutures.com
