Nordic neo bank Lunar Way has raised EUR26 million in fresh capital and been granted a full European banking licence by the Danish Financial Supervisory Authority.
The latest round of funding was led by Seed Capital and comes on a heels of a EUR13 million raise in February this year.
App-based Lunar is promising to bring slick, digital banking services to millennials across the Nordics.
Operational in Denmark, Norway and Sweden, Lunar Way offers users a basic account, money transfers, bill payment, budgeting tool and credit lines. Previously operating off a Pisp and Asip licence, the new banking authorisation opens the way for a more rounded financial services proposition.
Lunar Way founder and CEO Ken Villum Klausen, says: “We have grown from a small startup to a fintech with close to 100 employees from Denmark, Sweden and Norway with users in all of Scandinavia - a market notoriously hard to penetrate.
“We’ve already taken the first steps in Denmark and offers insurance, loans, multi-currency cards and so on with several different partners. Soon we’ll provide investments with Saxo Bank. The bank license will help us create similar marketplaces for our Swedish and Norwegian users faster. It will also enable us to build our own financial products.”