Danish neobank kompasbank, which specializes in helping small and medium-sized businesses, has raised an additional EUR 12 million in funding.
This brings the bank’s total capital raised since receiving its banking license from the Danish FSA in March 2021 to more than EUR 40 million.
Unpredictable and Unprecedented
The new funding, which came from both existing and new investors, will allow kompasbank to deepen current customer relationships and develop additional financial services targeted towards SMEs.
A Recognition of Results
“We are very pleased with the support both existing and new investors have shown us in 2022. It is a recognition of the results that the team has managed to create in our first full year of operation and an indication that investors can visualize the sustainability of our business model,” said Andersen.
The funds will be used to grow the bank’s existing customer base as an independent banking platform and scale its business model.
The bank also plans to expand its international footprint to serve customers in a differentiated way and operate in different markets for diversification.
Lending Growth of 842%
In the first half of 2022, kompasbank experienced a lending growth of 842% to EUR 60 million and a total balance of EUR 88 million.
They maintained deposit and loan growth throughout the second half of the year, during which the bank also launched a new B2B marketplace with digital services for SMEs.