Lunar, a Denmark-based mobile bank backed by financial services provider Nykredit, has increased its series B round to $50.4m following a €20m ($21.8m) extension, TechCrunch has reported.
Venture capital fund Seed Capital led the extension, which included Greyhound Capital, Socii Capital, Augustinus and David Helgason, the founder of 3D content development platform Unity Technologies. The $28.6m first tranche was led by Seed Capital in August 2019.
Formerly known as Lunar Way, Lunar operates a mobile banking app with more than 150,000 users across the Nordic countries. It offers free and premium current accounts, as well as a business account aimed at small enterprises, with features such as accounting software integration.
Lunar will use the additional funding to launch more services this year, including credit facility and loan products. Ole Mahrt, former head of product at digital bank Monzo, is joining its board of directors.
Seed Capital previously led a $14.7m round for the company in February 2019 that also featured Greyhound Capital, Socii Capital and unnamed private investors hailing from the financial sector.
Nykredit, Seed Capital and assorted angel investors had provided $5.1m in funding for Lunar to close its series A round at $9.5m in 2017, following a first close backed by Nykredit and Seed Capital the previous year.
Image courtesy of Lunar A/S.
