Nordic challenger bank Lunar adds 20 million euros to its Series B – TechCrunch
Lunar, the Nordic challenger bank that started life as a personal finance management application (PFM) but has since acquired a full banking license last year, has extended its Series B round with additional funding of € 20 million. It brings the Series B total to 46 million euros, having disclosed 26 million euros in August last year.
The Series B expansion is led by Seed Capital, with participation from Greyhound, Socii and Augustinus. Additionally, I’m told that David Helgason, founder of Unity Technologies, has joined the tour.
The mobile-only bank is also announcing that Ole Mahrt, the former Monzo product manager from 2015 to 2019, is joining the company’s board of directors. The other non-executive seats on the board of directors are occupied by Henning Kruse Pedersen, former CEO of Nykredit, Tuva Palm, former CTO of Nordnet Bank and director of Klarna, Gary Bramall, CMO of Zoopla and Lars Andersen, general partner of Seed Capital .
After acquiring a banking license, Lunar launched its new bank in March, which it says it built from scratch. Accounts are offered free of charge, alongside a Lunar Premium subscription service. In the coming months, the challenger bank has announced its intention to launch other new financial products, including credit facilities, loans and “sustainability-oriented services”, with the aim of becoming an alternative in its own right. to the historic banks of the Nordic countries.
Lunar also offers “Lunar Business,” which deals with small business banking services, including accounting software integrations, loans and more.
“We are excited to extend our last funding round and strengthen the pannordic game of Lunar,” said Ken Villum Klausen, Founder and CEO of Lunar. “We have a vertical strategy focused only on the Nordic countries, which allows us to go deep into the defensive banking infrastructure.”
Meanwhile, Lunar claims more than 150,000 users in the Nordic countries. The bank has offices in Aarhus, Copenhagen, Stockholm and Oslo, and currently has just over 120 employees.