Nordic challenger bank Lunar recently secured EUR 46 million in new capital, bolstering its expansion efforts across the region.

The firm’s focus is on business banking and lending products, with plans to enter additional markets. This financing round involves both current stakeholders and a fresh investor, aligning with Lunar’s strategy of balanced growth and long-term profitability.

This influx will aid Lunar’s push into Norway and Finland, while also advancing its business banking services. The company has emphasized small and medium-sized enterprises (SMEs), seeing this as crucial for future revenue growth. Lending will become a more significant component as Lunar diversifies beyond payment and basic banking services.

Business Banking Growth and Regional Expansion

Lunar reports approximately 40,000 business customers by January, a sign of growing traction in business banking. The increase in paid subscriptions across both consumer and business sectors is highlighted as an indicator of improving financial performance, positioning the bank on track for profitability by 2026.

The funding was spearheaded by existing investors Heartland and Orbit Alliance, with new entrant 100A joining in. This continued support from established backers underscores confidence in Lunar’s approach, while bringing a fresh investor into the fold suggests renewed interest from the fintech investment community.

Beyond direct consumer and SME banking operations, Lunar runs Moonrise, a payments and banking services platform built on its own licensed infrastructure. With a full banking licence and a proprietary Nordic banking platform, Lunar uses this to drive product development and third-party service offerings.

Currently serving over one million users across the Nordics, Lunar was founded in Denmark and has grown steadily since obtaining its banking licence in 2019.