Nordic challenger bank adds €20m to its Series B funding round led by Seed Capital

Lunar, the Nordic challenger bank, extends its Series B round from August 2019 and raises EUR 20 million in additional funding, bringing the round as a whole to EUR 46 million.

The new investment is led by us at Seed Capital and the additional capital entails equity from Greyhound, Socii and Augustinus. David Helgason, founder of Unity Technologies, is as a new investor also part of Lunar’s latest funding.

The mobile-only bank also announces that Ole Mahrt, Monzo’s former head of product from 2015–2019, will join its board of directors.

In March 2020 Lunar launched its new bank built from scratch alongside the first edition of its subscription based service Lunar Premium. In the coming months Lunar will one by one launch its new financial products including credit facilities, loans and sustainability driven services moving forward with its promise to become a full alternative to incumbents.

Ken Villum Klausen, founder and CEO of Lunar said in a comment:

’We are pleased to extend our latest funding round and bolster Lunar’s pan-Nordic play. We have a vertical strategy focusing only on the Nordics, allowing us to go deep into the defensive banking infrastructure.

‘’As the world closes down after the Covid-19 outbreak we believe that regional challengers can benefit from more locally focused features and products. Lunar taps into the Nordic infrastructure and that will expectedly impact our future unit economics and differentiates us from horizontally expanding challenger banks. Our additional funding supports this pledge.’’

In Lunar’s board of directors Ole Mahrt will join Henning Kruse Pedersen, former CEO of Nykredit, Tuva Palm, former CTO at Nordnet Bank and Director at Klarna, Gary Bramall, CMO of Zoopla and Lars Andersen, general partner at Seed Capital.

About the our investment in Lunar Lars Andersen, General Partner at Seed Capital comments:

‘’With more than 150.000 customers in Denmark, Norway and Sweden, Lunar Way has clearly demonstrated an unmet need in the banking market. After securing the banking license, Lunar is now one step closer to becoming a financial super app that will shape the future of banking. We have been a part of this journey from the beginning, and continue to be impressed by the strong team’’

About Lunar

Established in Denmark in 2015, Lunar is on a mission to change banking and is currently building a Nordic bank from scratch after obtaining a banking license in August 2019.

Lunar has also launched Lunar Business catering for small business with an offer of a complete business solution with integrations for accounting solutions, loans and much more.

Lunar has more than 150,000 users in the Nordics, offices in Aarhus, Copenhagen, Stockholm and Oslo and +120 employees.

In the first quarter of 2020 Lunar went live with its own bank and is rolling out the vision of building a financial super app bundling all transaction-based services essential for their users.

We are Denmark’s largest seed stage venture capital fund investing in technology companies