The Series D round was led by family-owned investment company HEARTLAND. The round also saw investment from Kinnevik, and Tencent. Besides, the round also saw participation from some investors in the financial technology space. Alongside the lead investors, IDC Ventures, Fuel Ventures, MW&L Capital Partners and Peter Mühlmann, also invested. They will join current investors such as SEED Capital, Chr. Augustinus Fabrikker, Socii Capital, and Greyhound Capital.
The proceeds from this round will enable Lunar to accelerate its expansion in all Nordic countries and to fund further acquisitions following its April takeover of Swedish consumer lending and peer-to-peer savings platform Lendify.
The company has now operations in Denmark, Sweden, and Norway. In the last year, Lunar’s total customer base grew by more than 90%, and the bank received applications from more than half of newly established Danish SMEs in 2021.
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