Nordic challenger bank Lunar Way raises €26 million
Denmark-based Nordic banking app, Lunar Way, has secured €26 million in a new funding round led by SEED Capital, whilst acquiring a European banking license from Danish Financial Supervisory Authority along the way.
This sets the fintech in good stead to accelerate development of its new Nordic bank and increase its growth in Danish, Swedish and Norwegian markets.
Lunar Way have nearly 100 employees from Denmark, Sweden and Norway
With its fresh new licence, Lunar Way is now the newest bank of the Nordics, emerging as the latest challenger in the banking industry.
“We have grown from a small start-up to a fintech with close to 100 employees from Denmark, Sweden and Norway with users in all of Scandinavia – a market notoriously hard to penetrate,” Lunar Way founder and CEO, Ken Villum Klausen.
He adds: “We’re the very first of our kind in the Nordics to get a banking license. We’ve done all this in four years. That in itself is an accomplishment. But our journey is only just starting now.”
Currently 27 million people make up the Nordic market and it’s home to some of the most stable economies in the world, which is why Lunar Way has chosen to focus its efforts solely on the Nordic markets since day one.
Rather than expand vertically, Lunar Way wants to be “a 100% digital, innovative and true alternative to traditional banks,” explains Klausen explains.
The new bank already offers users spending overviews, savings, interactive budgets and up to 4% interest, as well as insurance, loans, and multi-currency with a view to provide investments with Saxo Bank soon.
