Lunar Way raises $29M in a round including Chr. Augustinus Fabrikker

Denmark Investments 13 August 2019
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Lunar Way, an Aarhus, Denmark-based neo bank providing consumer financial services, completed a new financing round totalling DKK 195M ($29M).

The money was provided by new and existing investors, including Seed Capital and Chr. Augustinus Fabrikker, with the latter becoming a major shareholder in the company.

The new money will be used for continued expansion in the Nordic region and comes as a complement to the $14.7M investment round secured at the begining of 2019. That round was backed by investors including SEED Capital, Greyhound Capital and Socii Capital.

Lunar Way, founded in 2015 and led by CEO Ken Villum Klausen, provides a range of financial services including insurance, savings, budgets, loans or investments via a mobile application and a range of banking cards associated to them and issued by its partners.

However, the company does not own a banking licence but operates in Denmark as a NemKonto (a national Danish account - a type of bank account that the Danish government stipulates by law that all citizens and businesses must have) and collaborates with Nykredit, Saxo Bank, Basisbank and Tryg. Lunar Way claims to have over 100,000 customers and aims to become the largest financial marketplace in the Nordic region.

Prior to this investment round, Lunar Way raised about $24M in capital investment.