Denmark-based challenger bank Lunar secured €210m ($249m) yesterday in a series D round co-led by internet and gaming group Tencent, family office Heartland and investment firm Kinnevik.
Chr Augustinus Fabrikker, Fuel Ventures, Greyhound Capital, IDC Ventures, MW&L Capital Partners, Seed Capital, Socii Capital and private investor Peter Mühlmann filled out the participants in the round.
Founded in 2015 as Lunar Way, Lunar has built a digital banking platform with some 200,000 users across the Nordic region. In addition to current accounts targeting private customers, the app provides services to small businesses including company cards and accounting.
The company had received $47m in series C funding in October 2020 from returning backers including Chr Augustinus Fabrikker and individuals Alan Howard and Klaus Østergaard.
Seed Capital had led a $21.8m extension six months earlier that took Lunar’s series B round to $50.4m. The round also featured Greyhound Capital, Socii Capital, Chr Augustinus Fabrikker and David Helgason. Seed Capital had led the round’s $28.6m first close in August 2019.
Lunar had previously raised $14.7m in a February 2019 round led by Seed Capital and backed by Greyhound Capital, Socii Capital and unspecified private investors.
Financial services firm Nykredit, Seed Capital and various angel investors had supplied $5.1m to help close Lunar’s series A round at $9.5m in 2017, following a first tranche provided by Nykredit and Seed Capital the year before.
Ken Villum Klausen, founder and CEO of Lunar, said: “We are beyond excited to welcome investors with such valuable experience to join our next stage of growth. It is a massive step for both Lunar and Nordic banking customers. The investment underpins Lunar’s long-term vision of building a digital-first financial ecosystem for both private consumers and businesses.”
