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.
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”.