Press Release

Lunar secures 24.1 mEUR in fresh capital - ready for full scale launch in Sweden.

Press release April 30 - Nordic challenger bank Lunar announced a capital raise of 24.1 million EUR. In February, Lunar concluded a two-part investment round totaling 26.8 million EUR, bringing the total raised in the past four months to 50.9 million EUR.

Published 11/06/2024.

In a two-part investment round, Lunar raised 26.8 million EUR in new growth capital from December to February. Today, the bank unveil a supplementary round led by the bank's major existing investors. The bank is now raising 24.1 million EUR as part of the capital plan approved by the Danish Financial Supervisory Authority. These rounds collectively ensure adequate capitalization for the ongoing growth and expansion of Lunar's offerings.

"Securing 50.9 million EUR in such a challenging market reflects strong confidence in our growth strategies. It also underscores the payoff from investments in our platform; we're seeing robust growth in our newly launched business area Banking Services, where we're extending our in-house developed Nordic infrastructure to external partners. Concurrently, we're continuing to broaden Lunar’s basic banking services to evolve into a full-service bank catering to both private customers and businesses in Sweden," says Ken Villum Klausen, founder and CEO of Lunar.

The capital raise announced today follows the initial verdict in the legal proceedings against the shareholders of Norwegian Instabank. Lunar has appealed the ruling, but while awaiting further steps, the company is bolstering its capital position as per the plan approved by the Danish Financial Supervisory Authority.

"We're now raising 24.1 million EUR in line with the capital plan approved by the Danish Financial Supervisory Authority. We're delighted that all major investors in Lunar are participating in this capital injection, showing their support for the company and our mission to establish the best everyday bank in the Nordic region. We're on track with our plans and eagerly anticipate dedicating our full attention to further expanding our business across the Nordics," says Ken Villum Klausen.

Lunar takes significant strides towards profitability
Today, Lunar also releases its annual report for 2023, revealing significant progress towards profitability. Last year, Lunar's customer base grew from 700,000 to 850,000, with customer activity measured by transactions nearly doubling. Lunar's after-tax result stands within expectations at -55 million EUR, marking a 72 percent improvement compared to 2022.