Nordic Neobank Lunar Raises $77M Funding Round, Launching Crypto Trading Platform
Nicholas Otieno Mar 11, 2022 08:15
Lunar strives to offer more convenient, empathic and engaging banking alternative services to both private and business customers.
Lunar, a Nordic neobank headquartered in Aarhus, Denmark, announced on Thursday that it raised $77 million in a funding round led by Heartland and also launched a cryptocurrency trading platform.
Lunar said that it plans to use the fresh funding to maintain the momentum of its business, launch a separate blockchain arm, develop new crypto trading tools, and look at M&A in the Nordics.
Ken Villum Klausen, the Founder and CEO of Lunar, talked about the development and said that rolling out new crypto tools would enable the firm to stand out in a market where incumbent participants are already digitized. With the launch of the crypto trading platform, Lunar aims to enable its users to trade Bitcoin, Ether, Dogecoin, Cardano, and Polkadot at the platform.
Lunar seeks to make cryptocurrency trading “hassle-free” for Nordic customers. While currently, users can have an account with a crypto exchange separate from their bank account, Lunar plans to provide banking and cryptocurrency under one roof.
“It’s a hassle for Nordic consumers to use multiple platforms for their needs. We’re excited to bring crypto to our universe of banking, payments and investments.” Klausen further elaborated.
Tackling Financial Exclusion
Founded in 2015, Lunar remains serving as a digital challenger bank that offers a mobile-based banking app that helps consumers manage their personal finances.
In July last year, Lunar raised €210 million in a Series D funding round to revamp its business and products. The company made such a development putting in mind that both private and business customers expect a more convenient, engaging and emphatic alternative to traditional banks, lenders and payment service providers.
Just like Revolut and Monzo, Lunar wants to become a one-stop-shop for finance. It already provides banking services, loans, savings, insurance, loan products like BNPL, and stock and ETF investments. The abovementioned business developments underpin Lunar’s long-term vision of developing a digital-first financial ecosystem for both private consumers and businesses.
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