Challenger financial institution Lunar raised $25.7 million (€24.1 million) in funding, boosting the corporate’s complete raised to round $512 million.
Lunar plans to make use of right now’s funds to broaden on its fundamental package deal provided to Swedish residents to change into a extra full-service financial institution.
In 2023, Lunar reached 850,000 prospects, marking a rise from 700,000 prospects the yr prior.
Challenger financial institution Lunar introduced this week it has raised $25.7 million (€24.1 million) in a supplementary funding spherical. In keeping with Crunchbase, the brand new funding boosts Lunar’s complete raised to only shy of $512 million, round $54 million of which was introduced in over the previous 4 months.
Lunar was based in 2015 and presently presents retail and business digital banking providers. The corporate obtained its banking license in 2019 and on the retail facet presents private checking accounts with debit playing cards, youth accounts, in-app PFM instruments, a BNPL instrument that may be retroactively utilized to purchases already made, in addition to an investing platform that enables customers to spend money on shares, ETFs, and crypto. On the business facet, Lunar presents enterprise financial institution accounts, automated bookkeeping, money circulation analytics, expense administration instruments, loans, insurance coverage, and extra.
“Securing €50.9 million in such a difficult market displays sturdy confidence in our progress methods,” mentioned Lunar Founder and CEO Ken Villum Klausen. “We’re seeing strong progress in our newly launched enterprise space Banking Providers, the place we’re extending our in-house developed Nordic infrastructure to exterior companions.”
Lunar plans to make use of right now’s funds to broaden on its fundamental package deal provided to Swedish residents to change into a extra full-service financial institution. The corporate’s banking providers are presently out there to customers in Denmark, Norway, and Sweden.
Approaching its tenth yr of operation, Lunar reached 850,000 prospects in 2023– together with 20,000 enterprise customers. This complete consumer quantity marks a rise from 700,000 prospects in 2022. Concurrently, buyer exercise, as measured by transactions, almost doubled throughout this era.
“Our journey doesn’t cease right here, “Villum Klausen added. “We’re not simply broadening Lunar’s fundamental banking providers, however we’re additionally evolving right into a full-service financial institution. Our goal is to cater to each non-public prospects and companies in Sweden, demonstrating our dedication to progress and our imaginative and prescient for the longer term.”
Photograph credit score: Lunar
