Lunar secures €210 million in Series D funding led by HEARTLAND

By Megha Bhattacharya

Lunar has announced a €210 million series D funding round led by family-owned investment company HEARTLAND. Other investors included Kinnevik, European growth investors, and Tencent, a China-based technology company. The new investment was secured following a rapid acceleration in growth from both private and business customers. Lunar now serves more than 325,000 customers across the Nordics.

Ken Villum Klausen, founder and CEO of Lunar, said, “We are at a true crossroads in the Nordics. Both private and business customers expect a more convenient, empathic and engaging alternative to traditional banks, lenders and payment service providers. We are beyond excited to welcome investors with such valuable experience to join our next stage of growth. It’s 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.”

The capital from the Series D funding round will enable Lunar to further invest in its Nordic expansion, especially to accelerate its strong momentum and grow its business offering as well as anticipated M&A.

Lise Kaae, CEO of HEARTLAND, said, “HEARTLAND is pleased to be welcomed as an investor in Lunar. The investment builds on our strategy of backing best-in-class businesses and management teams. We look forward to supporting the team in developing next-generation digital-first financial services in the Nordics and beyond.”

The round diversifies Lunar’s slate of shareholders to include some of the world’s most notable investors in the financial technology space. Alongside the lead investors, IDC Ventures, Fuel Ventures, MW&L Capital Partners and Peter Mühlmann, the Founder and CEO of Trustpilot, also invested. They will join current investors such as SEED Capital, Chr. Augustinus Fabrikker, Socii Capital and Greyhound Capital.

Andreas Bernström, Senior Investment Director at Kinnevik, said, “Kinnevik has always backed digital businesses that challenge the incumbents. We are hence very excited to add Lunar to our portfolio – a tech company at heart with a bold mindset focused on reimagining the everyday banking experience for the Nordic consumers and SMEs.”