Lunar, the Nordic challenger bank that began life as a individual finance supervisor app (PFM) however because acquired a full banking license in 2015, has extended it Series B round with an additional EUR20 million in funding. It brings the Series B overall to EUR46 million, having revealed EUR26 million in August last year.
The Series B extension is led by Seed Capital, with involvement from Greyhound, Socii and Augustinus. In addition, I’m told that David Helgason, founder of Unity Technologies, has actually signed up with the round.
The mobile-only bank is also announcing that Ole Mahrt, Monzo’s former head of product from 2015-2019, is joining the company’s board of directors. The other non-executive board seats are held by Henning Kruse Pedersen, previous CEO of Nykredit, Tuva Palm, former CTO at Nordnet Bank and Director at Klarna, Gary Bramall, CMO of Zoopla and Lars Andersen, basic partner at Seed Capital.
Having actually gotten a banking license, Lunar introduced its new bank in March, which it says it developed from scratch. Accounts are offered for free, together with a subscription-based service Lunar Premium. In the coming months, the challenger bank states it prepares to release other new financial items including credit facilities, loans and “sustainability driven services,” in a bit to become a fully-fledged option to incumbent banks in the Nordics.
Lunar also uses “Lunar Service,” catering for small business banking, including accounting software application integrations, loans and more.
“We are pleased to extend our newest funding round and reinforce Lunar’s pan-Nordic play,” states Ken Villum Klausen, creator and CEO of Lunar. “We have a vertical strategy focusing just on the Nordics, allowing us to go deep into the defensive banking facilities”.
Lunar claims more than 150,000 users in the Nordics. The bank has workplaces in Aarhus, Copenhagen, Stockholm and Oslo, and currently has just over 120 staff members.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.