8.6 C
New York
Monday, March 20, 2023
Home Challanger banks Danish digital bank Lunar adds $21.6m to its Series B

Danish digital bank Lunar adds $21.6m to its Series B

Nordic challenger bank Lunar that has offices across Denmark, Sweden and Norway, has landed an additional $21.6 million (€20 million) in Series B funding round.

This particular investment round was led by Seed Capital, with participation from Greyhound and Socii, as well as from new investor David Helgason, the founder of Unity Technologies, a Danish-American video game software development company.

Lunar has started as a personal finance management tool and it has announced it has nearly doubled the €26m in Series B funding it announced in August 2019, now bringing the total disclosed amount to €46m.

Read also: Icelandic challenger bank Indó prepared to launch, securing €1 million

Alongside this fresh money investment, Monzo bank’s former head of product Ole Mahrt will join its board of directors. Mahrt spent about four years at the UK challenger bank, before becoming a director of a technology recruitment firm in September 2019.

“We are pleased to extend our latest funding round and bolster Lunar’s pan-Nordic play,” says Lunar’s founder and CEO Ken Villum Klausen.

“We have a vertical strategy focusing only on the Nordics, allowing us to go deep into the defensive banking infrastructure.”

Last October, Lunar chose financial services software provider Temenos to implement its fraud protection, as well as power its anti-money laundering (AML) and Know Your Customer (KYC) services.

These are the preparations are what have led the company to launch its new, self-built banking platform earlier this month.

The bank also started with the very first edition of its subscription service called ‘Lunar Premium’.

With the upcoming months, Lunar has some other new financial products to release. These will include credit facilities, loans and “sustainability-driven services”, all in a bid to make the challenger “a full alternative to incumbents”.

Sources: https://www.altfi.com/article/6394_danish-digital-bank-lunar-receives-eur20m-in-fresh-funding?utm_source=rss&utm_campaign=altfi&mc_cid=d098fff26a&mc_eid=1b3d2855bfhttps://www.fintechfutures.com/2020/04/nordic-challenger-lunar-adds-21-6m-to-its-series-b/

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Challenger Banks: Disrupting the Status Quo in Retail Banking

In this blog, we will explore the state of retail banking, the different types of challenger banks, and the attractions of digital challenger banks.

Parker: The First Charge Card for E-commerce with Raised Limits

Parker, a fintech startup co-founded by Yacine Sibous and Milan Ray, has recently emerged from stealth with $157 million in equity and debt funding.

Credit Suisse Struggles to Keep Clients as Overhaul Continues

Credit Suisse Group AG won a $54bn lifeline on Thursday 16 March, giving it the chance to rebuild its business.

Swiss Regulators Step in to Reassure Markets Amid Credit Suisse Turmoil

The global financial markets were rattled on Wednesday following fresh fears about the viability of Credit Suisse.