Nordic challenger Lunar raises €210 million

Danish digital challenger bank Lunar has raised €210 million in a Series D funding round led by family-owned investment company Heartland, alongside European growth investor Kinnevik and Chinese tech giant Tencent.

With operations in Denmark, Sweden and Norway, Lunar now serves more than 325,000 users on its platform.

In the last year, Lunar’s total customer base grew by more than 90% and the bank received applications from more than half of newly established Danish SMEs in 2021. During the last month Lunar has further added €130 million in deposits.

The capital from the Series D financing round will enable Lunar to double down on its Nordic expansion plans and to fund further acqusitions, following its April takeover of Swedish consumer lending and peer-to-peer savings platform Lendify.

Ken Villum Klausen, founder and CEO of Lunar, says the funding represents a “massive step” for both Lunar and Nordic banking customers.

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Source: Nordic challenger Lunar raises €210 million