Finance & Economics

Lunar Raises €35 Million

Danish neobank Lunar announced the raising of financing in the amount of 35 million euros.

Lunar Raises €35 Million

Source: Pixabay.com

The financial institution will direct these funds to the implementation of several intentions. At the current stage of the bank’s existence, one of the main goals of its activities is to expand the scope of its business in Nordic countries. Lunar also plans to direct part of the funds raised to take measures to improve efficiency. Another goal is to increase the profit indicator.

The bank’s press release says that practically all shareholders of the financial institution have sent funds as part of the latest funding attraction.

Lunar’s previous fundraising of 212 million Danish crowns (about 28 million euros) in August 2022 was accompanied by a 500% increase in revenue in the first half of last year.

The financial institution’s plans to acquire the Norwegian bank Instabank in September last year have not been implemented. This intention never became a reality due to the fact that Lunar did not have enough funds to meet capital requirements and obtain approval from the Norwegian FSA.

In March last year, the bank offered 132 million euros for the purchase of Instabank, seeking to expand its operations in Norway and begin a history of presence in the Finnish financial market.

Founder and CEO of Lunar Group Ken Willum Clausen stated that capital markets have fundamentally changed, which is why the main focus is now on making a profit as the main aspiration. He also noted that last year the bank managed to expand its customer base and significantly increase revenue sources. Willum Clausen called attracting new users and increasing profitability the main priorities of the bank for 2023.

The CEO of Lunar says that shareholders are helping to create a new financial ecosystem and provide banking services in a completely new way.

As we have reported earlier, Partech Raises $262M to Invest in African Tech Companies.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.