Danish SME neobank kompasbank raises €12m in new funding

By Gloria Methri

kompasbank, a Denmark-based neobank, has raised Є12 million in new funding. The small and medium-sized enterprises (SME)-focused bank has now raised more than Є40 million in capital since receiving the banking licence from the Danish FSA in March 2021.

Though young, kompasbank has been successful in raising capital. In the first half of 2022, kompasbank had a lending growth of 842 percent to Є60 million and a total balance of Є88 million. Both deposit and loan growth was maintained into the second half of 2022 and the bank also launched a new B2B marketplace with digital services for SMEs.

The latest funding round was closed just before Christmas resulting in a total of Є12 million in new funding. The capital increase, driven by both new and existing investors, will enable kompasbank to deepen current customer relations and to better serve and develop additional financial services targeted to SMEs.

“2022 was in many ways unpredictable and unprecedented and has created a more challenging environment for SMEs to navigate. We are pleased that our customers have shown us the trust and confidence to help them continue their operations, and – in many cases – grow their business,” said founder and co-CEO, Michael Hurup Andersen.

“We are very pleased with the support both existing and new investors have shown us in 2022. It is a recognition of the results that the team has managed to create in our first full year of operation and an indication that investors can visualise the sustainability of our business model,” he Andersen.

In 2023, the neobank aims to use its international footprint to serve customers in a differentiated way, which would allow kompasbank to operate on different markets with attractive diversification as an added asset.