Danish digital challenger bank Lunar has raised €210 million in a Series D funding round led by family-owned investment company Heartland, alongside European growth investor Kinnevik and Chinese tech giant Tencent.
With operations in Denmark, Sweden and Norway, Lunar now serves more than 325,000 users on its platform.
In the last year, Lunar’s total customer base grew by more than 90% and the bank received applications from more than half of newly established Danish SMEs in 2021. During the last month Lunar has further added €130 million in deposits.
The capital from the Series D financing round will enable Lunar to double down on its Nordic expansion plans and to fund further acqusitions, following its April takeover of Swedish consumer lending and peer-to-peer savings platform Lendify.
Ken Villum Klausen, founder and CEO of Lunar, says the funding represents a "massive step" for both Lunar and Nordic banking customers.
"We are at a true crossroads in the Nordics," he says. "Both private and business customers expect a more convenient, empathic and engaging alternative to traditional banks, lenders and payment service providers. The investment underpins Lunar’s long term vision of building a digital-first financial ecosystem for both private consumers and businesses."
In total, Lunar has raised more than €300 million in equity funding and received a European banking license in 2019.