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Lunar to extend product suite on €40 million capital raise

Lunar to extend product suite on €40 million capital raise

Nordic challenger Lunar has raised $40 million in funding as it prepares to extend its roster of products into the buy now, pay later and account aggregation and payment initiation space.

In the coming months, Lunar is set to activate multi-banking features and enable payments across Denmark, Sweden and Norway for its more than 170,000 users. Customers will be able to not only view but also move money between accounts, as well as pay bills from accounts from other banks, in one app.

It also has its sets sights on the booming buy now, pay later market, with a product that will offer users the ability to split payments into monthly installments after purchase.

The new funding comes from existing investors and follows a €20 million round in April as it prepared to open its first business banking accounts for Danish sole traders.

In September the firm followed this up with a Business Grow account priced at €266 a year and catering to the needs of small businesses that need multiple bank accounts and cards and more features to manage all their business finances.

The neobank currently claims 5000 business clients and 200,000 personal customers across Denmark, Norway and Sweden. it plans to expand into the fourth major Scandinanvian economy, Finland, in 2021.

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