Danish neobank Lunar nets €35m


Lunar, a neobank based in Denmark, has scored €35m in funding as it looks to push forward in its path to profitability.

Investors in the recent funding round include Tencent, IDC Ventures, Heartland and Kinnevik. Alongside these investors, a press release by the company cited other ‘existing investors contributed to the round’.

Founded in 2015, Lunar claims it is a bank, a financial technology company, a wealth management platform, a payment solution, an investment toolbox, a business accelerator all-in-one.

 Lunar previously closed a Series D-2 extension round on $77m back in November last year, alongside the launch of a new cryptocurrency service.

This funding round was raised at a $2bn valuation, according to a report from TechCrunch.

Operating throughout the Nordic countries, Lunar currently has 500,000 retail customers and 15,000 business customers.

Lunar CEO Ken Villum Klausen said, “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.”

Fierce, a “feel-good finance app” helping its users earn high-yield returns across all their financial assets, has recently emerged from stealth with $10m seed funding.

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