Nordic Challenger Bank Lunar Raises €46M To Expand Business Customer Base

The round includes existing investors Heartland and Orbit Alliance, along with new investor 100A, a London-based fintech fund.

Lunar, which serves over one million users across the Nordics, did not disclose its current valuation. The bank was last valued at $2.2 billion in 2022.

With this round, Lunar has raised a total of €537 million, according to PitchBook. Founder and CEO Ken Villum Klausen stated the funds will be used to expand its 40,000-strong business customer base across Denmark, Sweden, and Norway.

Read Also - Electronics Brands Including Apple And PlayStation Turn To Subscriptions As Raylo Secures €34.5 Million

On a target number for business customers by the end of 2026, he said: “I think we would be aiming for 100,000, that is one of the core ambitions for 2026."

He said business customer growth was currently stronger in Sweden than in Denmark. He added: “We can see that our strategy is working. More users are choosing paid subscriptions, and we are seeing strong momentum in our business customer base, reaching 40,000 business users in January."

The funding will also back the launch of new lending products, including credit cards and overdrafts, scheduled for Q2 this year, according to CEO Ken Villum Klausen. Expansion will remain focused on the Nordics, rather than wider Europe.

In 2022, Lunar introduced Lunar Block, its in-app crypto platform for buying and selling cryptocurrencies. In October 2025, the bank secured a crypto licence under the EU’s MiCA regulation, with Villum Klausen describing its crypto operations as “doing OK.”

Last year, Lunar experienced several executive departures as part of efforts to reduce management costs and focus on long-term profitability.

Co-founder and CIO Peter Andreasen and CTO Kåre Kjelstrøm both stepped down in recent weeks, marking significant changes in the bank’s leadership team.

About Lunar

Lunar, founded in 2015 is a Nordic digital challenger bank focused on simplifying and enhancing everyday banking. By offering innovative, user-friendly financial services, Lunar empowers customers to get more value and control from their money while building the region’s leading digital banking experience.