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March 11, 2022updated 14 Mar 2022 3:44pm

Neobank Lunar raises €70m for Nordic expansion

Danish challenger bank Lunar has raised €70m in its Series D-2 funding round from existing investors to further its expansion plans in the Nordic region. 

The funding follows July 2021 €210m round, which was joined by Heartland alongside Kinnevik, Tencent and IDC Ventures.

Lunar did not disclose its valuation, but media reports suggested it stands around $2bn. 

It will use the proceeds to fund its Nordic expansion, product development and merger and acquisition activities.

Concurrently, the neobank announced the launch of a crypto trading platform and B2B payments offering aimed at its small and medium-sized business (SMB) customers. 

Unlike some of its peers, Lunar has a European banking licence and offers payments, banking, and investments services including checking and deposit accounts, loans, buy now pay later, stock, ETFs, and financial management tools. 

Lunar founder and CEO Ken Villum Klausen said: “We are grateful for the dedication and trust our investors have in Lunar and we will continue to invest in new ways to give more power to consumers and businesses.

“The new funding will enable us to keep momentum in our Nordic expansion. In the first months of 2022, we launched our new Nordic crypto platform, enabled our business customers to accept and track card payments in their webshop, and we anticipate M&A activities to complement our Nordic offering.

“The future of money is embedded, web3, in the metaverse and whenever you need it. With Lunar Block we will explore how both crypto and blockchain technology can benefit our customers to enter the next level of payments and banking.”