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Lunar raises EUR24.1m

Lunar raises EUR24.1m

Denmark-based digital challenger bank Lunar has raised EUR24.1 million as it bolsters its capital position for a push across the Nordics.

The latest round, joined by the Lunar's major exiting investors, brings the total raised by the bank over the past four months to EUR50.9 million.

It comes as Lunar prepares to expand its basic package in Sweden to a full service bank for both consumer and business customers.

The firm has had a more difficult time making its mark in Norway, where a 2022 plan to acquire local lender Instabank for EUR132 million failed over capital requirements needed to obtain approved from the Norwegian FSA.

Legal proceedings followed, with an initial verdict not going Lunar's way. It has appealed "but while awaiting further steps, the company is bolstering its capital position as per the plan approved by the Danish Financial Supervisory Authority".

Ken Villum Klausen, CEO, Lunar, says: "We're on track with our plans and eagerly anticipate dedicating our full attention to further expanding our business across the Nordics."

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