Lunar announced raising €40 million in Series C funding from existing investors.
Lunar, an Aarhus, Denmark-based company operating a digital platform for providing financial services, announced in a press release that it raised a capital investment round of €40 million ($47M).
The money was raised from existing investors.
Lunar, founded in 2015 as LunarWay and led by CEO Ken Villum Klausen, provides a range of financial services including insurance, savings, budgets, loans or investments via a mobile application. The company also operates a banking licence and launched a challenger bank providing free accounts and a subscription-based service called Lunar Premium.
According to information distributed to the media, Lunar intends to launch a BNPL (buy now pay later) service targeted at existing 5,000 business users and 200,000 private users across Denmark, Sweden and Norway.
The schizophrenic Nordic banking market is the reason why Lunar is launching BNPL. It’s the most profitable banking landscape in the world, but also the most defensive, with least competition from the outside, This means that the traditional banking customer is buying all their financial products from their bank.
The company has about 200 employees distributed in Aarhus, Copenhagen, Stockholm and Oslo.