Lunar doubles revenue in the first half of the year
Published 14/9 2023.
Lunar doubles net interest and fee income in the first half of 2023 compared to the same period last year. At the same time, Lunar continues the investments in developing the business and the product range to become the best everyday bank in the Nordics.
The Nordic challenger bank Lunar continues its growth journey and doubles net interest and fee income to a total of DKK 184 million. DKK in the first six months of 2023 from DKK 90.1 million DKK in the same period last year.
"We follow our strategy, increase our earnings, continue to attract new customers and develop our product range, while reducing our costs. This is reflected in a positive development in our earnings and in our entire business", says Rie Ruby, CFO of Lunar Group.
Continued growth of new private and business customers
Lunar has invested heavily in growing the business and developing new markets and products over several years. Also in 2023, Lunar sees a large increase in new private and business customers. In the first six months, Lunar has gained over 50,000 new customers in Denmark, Norway and Sweden.
"Lunar today has more than 750,000 private and business customers in Denmark, Norway and Sweden. There is a great interest in our product and platform among both existing and new customer groups, and the results prove the potential to continue growing our customer base", says Rie Ruby.
New products and business area
In February, Lunar launched the Danish payment app ShareIt, where users can easily and quickly split expenses and see who owes what and to whom directly in the app. ShareIt already reached 100,000 users in May and today has 180,000 users.
In June, Lunar launched a completely new business area with Banking Services, with the Swedish fintech company Trustly becoming the first partner. With Lunar's Banking Services, you can access Lunar's Nordic banking infrastructure via an API that enables payments for third parties.
Keeps focus on the growth track
In February 2023, Lunar raised 260 million DKK in growth capital for investments in the business, the Nordic platform and product range. Rie Ruby emphasizes that the company is fully focused on becoming profitable faster through streamlining the business and costs as well as increased earnings through new products and services.
"Our goal is to create the best everyday bank for private and business customers in the Nordic countries. At the same time, it is necessary to increase earnings and become profitable faster. The first half of the year shows that we are on the right track, and we are continuing with our focus on growth", says Rie Ruby.
The total result for the first half of 2023 will be DKK -213.1 million. DKK after tax, while in the first half of 2022 it landed at DKK -787.9 million. DKK after tax.
Lunar is a digital challenger bank with a mission to simplify and enrich people’s financial lives, empower them and put them back in control by building the best everyday bank in the Nordics. Founded in Aarhus, Denmark, Lunar currently employs +500 people in Copenhagen, Aarhus, Stockholm and Oslo. In 2019 Lunar received a banking license and is now one of few banks with a Nordic banking platform. Today more than 750,000 private and business customers across the Nordics use Lunar.