Lunar is investing heavily in the business and increasing revenues in 2022.
Published 28/4 2023.
Lunar invests massively in the business and increases net interest and fee income by over 360 per cent. in 2022.
In 2022, Lunar's net interest and fee income grew by 360 per cent to DKK 233.5 million from DKK 50.8 million from the previous year. This comes as a result of the massive investments in the business. The overall result is a deficit and lands at DKK -1.5 billion after tax. Lunar expects a significantly smaller deficit in 2023 compared to 2022.
"2022 was a huge investment year for Lunar and our customers. We invest massively in creating the best everyday bank in the Nordics. And we now have, as one of few banks, a common Nordic banking platform and strong solutions for both private and business customers in all Nordic countries. We are very pleased to see that customers are using our solution more and more, and we are experiencing a significant increase in interest and fee income of 360 per cent," says Ken Villum Klausen, founder and CEO of Lunar Group.
The investments in the business also show in 2023, where the positive development continues in the first quarter.
"We see a very positive development in our earnings, and that development continues in the first quarter of 2023 - this shows that we are on the right track towards profitability, and we will reach a far better result in 2023", says Ken Villum Klausen .
New customers and products
In 2022, Lunar has gained many new customers in all the Nordic countries. In Sweden, Lunar sees an increasing activity among customers and grew the customer base by 40% to over 200,000 customers. In Norway, the customer base is almost doubled and Lunar grows with 72%.
"Lunar now has more than 750,000 customers in the Nordics. The development across markets shows that we have great potential in growing our customer base based on our common Nordic banking platform - and we have only just started our growth journey towards becoming the best everyday bank in the Nordics", says Ken Villum Klausen.
Growth capital went to investments
Lunar raised DKK 770 million in 2022 The money is invested in the business and Lunar's Nordic platform and products.
"2022 has been a landmark year for Lunar and the capital markets in general, where high inflation and interest rate increases placed even higher demands on growth companies to increase earnings and become profitable faster. We are therefore very pleased with the support from our investors in 2022 and the start of 2023, where we have raised more than DKK 770 million," says Ken Villum Klausen