Investments

Lunar Way Raises €13 Million In Funding To Bankroll Growth

Lunar Way Raises €13 Million In Venture Funding

Lunar Way, the Nordic banking app, has raised €13 million in venture funding led by SEED Capital.

According to a report, Greyhound Capital, Social Capital and individual investors also participated in the round of funding. The FinTech recently announced that it received a PISP payment license enabling it to offer more banking services, including making payments on behalf of customers.

In an interview with the reporting publication, Lunar Way Founder Ken Villum Klausen said the payment licenses enable the company to direct banks to make payments, pay bills or make retail purchases from their accounts. Customers who sign up with Lunar Way can connect an existing bank account and then control their finances via the startup’s platform.

“The [Lunar Way] product offers all the fundamentals from a banking app,” said the founder in the report. “You can pay bills, transfer money, set a budget, do saving goals, manage your card, etc. We also have a few subscription-based credit lines, where you pay a monthly fee [for credit].”

Lunar Way is also a national Danish account, which is a bank account that all citizens are required to have. The funding will be used to speed the pace of growth for its app, which aims to scale across the Nordics.

“Our aim is — and [has] always been — to fundamentally change the status quo of banking. We’re now welcoming more than 10,000 new users a month and counting, which is substantial considering the fact that the Nordics’ total addressable market is 27 million people,” Klausen said.

The report noted that Lunar Way is aiming to raise more funding in the summer. At the end of 2016, the firm raised €4.2 million ($4.5 million) in a round led by SEED Capital, which also included participation by unnamed angel investors. The FinTech was founded in 2015, aiming to launch a banking app for the Snapchat generation.

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