The deal is priced a NOK 3.75 ($0.43) per share, for a total value of NOK 1.2bn ($149.3m).
Instabank’s board of directors have unanimously recommended the offer. Shareholders representing 72.7% of the outstanding share capital of Instabank have accepted the offer for their shares, including all of the top ten shareholders.
After joining Lunar, Instabank will receive the support to continue and accelerate its development, it said.
Instabank co-founder and CEO Robert Berg said, “We are excited over the
opportunity to become part of Lunar and together challenge, innovate and build
an even stronger Nordic entity. We are convinced that the joint companies will
benefit our customers, employees and stakeholders.
“We are impressed with the Lunar team, products and customer solutions and their great achievements in both the tech and banking sector. Teamed together we will lead the transformation of the Nordic banking markets, both for private and business customers, and offer banking services in a new and better way – the Lunar way.”
Lunar has had a stellar start to 2022. It recently closed its Series D-2 funding round on $77m, which valued it at $2bn. The round was backed by Tencent, Heartland, IDC Ventures, Kinnevik and US actor Will Ferrell.
The company also launched a cryptocurrency service to let users buy and sell bitcoin, Ethereum, cardano, polkadot and doge.
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