Denmark-based digital challenger bank Lunar has successfully raised EUR 24.1 million to strengthen its capital position for expanded operations across the Nordics.
This latest funding round, supported by Lunar’s key existing investors, brings the bank’s total fundraising to EUR 50.9 million over the past four months. As part of its growth strategy, Lunar is preparing to enhance its basic offerings in Sweden, transitioning into a full-service bank for both consumer and business clients.
Meanwhile, Lunar has faced challenges in Norway, where its 2022 plan to acquire local lender Instabank for EUR 132 million was unsuccessful due to capital requirements mandated by the Norwegian Financial Supervisory Authority. Subsequent legal proceedings did not initially favor Lunar, prompting the company to appeal. In the interim, Lunar is focused on strengthening its capital as outlined in its approved plan with the Danish Financial Supervisory Authority.
CEO Ken Villum Klausen stated, “We’re on track with our plans and eagerly anticipate dedicating our full attention to further expanding our business across the Nordics.”