Top Executives Leave Lunar As Bank Looks To Reduce Costs

Co-founder and Chief Investment Officer Peter Andreasen, along with Chief Technology Officer Kåre Kjelstrøm, have both stepped down in recent weeks.

Other key exits include Vibeke Bak Solok, CEO of Lunar’s regulated entity, and Mats Persson Bergius, the company’s Swedish country manager and Chief Commercial Officer.

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Lunar, which serves over one million customers across the Nordics, was valued at around $2.2 billion in 2022.

Confirming the departures, Ken Villum Klausen, Lunar’s CEO and co-founder, said: “These changes reflect a deliberate shift as we move from a phase of rapid growth and expansion into one of operational maturity and profitability.

“With that shift comes new demands on the business, and naturally, on the leadership team as well.

“As part of this transition, we’ve also decided to move to a smaller, more agile management team. That includes streamlining roles and responsibilities, which is why we no longer have a separate CEO for our regulated entity — that structure is no longer needed in our setup.”

Lunar is reportedly not yet profitable on a full-year basis. Danish media suggest the bank recently laid off an undisclosed number of employees as part of its efforts to reach profitability. It also sold off nearly its entire loan portfolio last year.

The bank is backed by investors such as Heartland, Kinnevik, Tencent, IDC Ventures, and even actor-comedian Will Ferrell. Lunar has stated that replacements for the departing executives are already in progress.

About Lunar

Founded in 2015 in Aarhus, Denmark, Lunar is a digital challenger bank on a mission to make everyday banking simpler and better for people across the Nordics. Since receiving its banking license in 2019, Lunar has grown to serve over 900,000 private and business customers in the region. With a team of more than 450 people, Lunar continues to expand and is always looking for new talent to join the journey.