Nordic challenger Lunar adds $21.6m to its Series B
Lunar, the Nordic challenger bank with offices across Denmark, Sweden and Norway, has landed an additional $21.6 million (€20 million) in its extended Series B funding round.
Alongside the fresh investment, Monzo’s former head of product Ole Mahrt will join its board of directors
This brings the bank’s Series B total to $50 million (€46 million).
The new 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.
“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.”
Alongside the fresh investment, Monzo’s former head of product Ole Mahrt will join its board of directors.
Mahrt spent just under four years at the UK challenger bank, before becoming a director of a technology recruitment firm in September 2019.
Lunar started out as a personal finance management (PFM) app, securing its banking licence in August 2019.
Last October, it 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 preparations are what has led the company to launch its new, self-built banking platform earlier this month.
The bank also rolled out the first edition of its subscription-based service ‘Lunar Premium’.
Over the coming months, Lunar has a flurry of 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”.
Read more: Revolut loses its head of wealth and trading, a former Freetrade co-founder
