Nordic Fintech Lunar Secures €35M to Expand Business, Reach Profitability

The Nordic fintech company Lunar, which is a modern alternative to traditional banks, raises 35 million EUR “to invest in and develop the business and reach profitability even faster.”

Founder and CEO of Lunar Group, Ken Villum Klausen, says:

“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.”

Solid support from shareholders in a challenged market

The vast majority of existing shareholders “contributed to the new capital injection.”

The company claims that this “proves that there is solid support for Lunar, even at a time when the market is challenged by macroeconomic uncertainty.”

Founder and CEO of Lunar Group, Ken Villum Klausen said:

“We are very humbled by the trust our shareholders and customers place in us. They want to help us build a new financial ecosystem and deliver banking services in a whole new way. This proves the strength of the concept we offer to bank customers throughout the Nordic region and we remain committed to this approach despite this period of turmoil in the financial markets.” 

He emphasizes that the new capital “enables the development of even better products for Lunar’s more than 500,000 customers in Denmark, Norway, and Sweden:”

As mentioned in the update:

“Backed by the new capital, we can continue our expansion in the Nordic region, offer new and better digital banking solutions to our customers, and expand our position as the leading challenger in the Nordic banking market.”

As noted by its management:

“We want to democratise the power of money and change the way we all bank, pay and invest. We’re a bank, a financial technology company, a wealth management platform, a payment solution, an investment toolbox, a business accelerator. But we are not an organisation that defines itself by labels. We are defined by what we can do for our customers. In other words, we don’t try to make our customers fit in boxes. We build our services around them. We believe that you deserve more power from your money.”

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