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Lunar offers €132 million to acquire Norway's Instabank

Lunar offers €132 million to acquire Norway's Instabank

Nordic financial challenger Lunar has made a cash offer of €132m to acquire all shares of Norwegian digital bank Instabank.

Founded in 2016, Instabank today serves more than 60,000 customers in Norway, Finland and Germany with both secured and unsecured loans and savings.

The acquisition will significantly increase Lunar’s footprint in Norway and additionally open the door to the Finnish market ahead of launching its full product offering. The offer follows the 2021 take over of Swedish lending platform Lendify and Danish based payments platform Paylike.

Ken Villum Klausen, Founder and CEO of Lunar, says: “We are excited for the opportunity to acquire Instabank and together challenge, innovate and build a stronger Nordic entity that will benefit our customers.”

The move to acquire Instabank comes just weeks after Lunar raised €70 million in fresh capital, a top up to the Nordic challenger's €210 million Series D in July last year. The cash injection coincided with the launch of B2B payments for its business customers and plans to develop a new crypto trading platform.

Lunar currently counts 500,00 customers and €1.3 billion in deposits across Denmark, Sweden and Norway.

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